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Relating Stories

• EU proposes $21b for trans-Saharan pipeline
• Global crude oil demand to hit 88m bpd in 2009
• Niger assembly approves $72m intervention fund
• Chevron to sell 350 Texaco filling stations

Chevron to sell 350 Texaco filling stations

CHEVRON Corporation is seeking to reduce its ownership of petrol stations and ancillary “downstream” businesses in various countries and will sell its fuel marketing business in Nigeria.

The deal includes some 400 gas stations, about 350 of which sell under the Texaco brand. There are also two aviation facilities, a lubricants blending plant and a commercial and industrial fuel business.

Chevron bought White Plains, N.Y.-based Texaco in 2001 for about $44 billion. The company kept Texaco as part of its name for a few years before dropping it and taking the name Chevron again in 2005.

The San Ramon company (NYSE: CVX) agreed a month ago to sell some 2,000 Texaco gas stations and related businesses in Brazil for about $730 million.

Chevron didn't give a price in this deal. Its subsidiary, Chevron Africa Holdings Ltd., will sell Chevron Nigeria Holdings Ltd. to Corlay Global SA, a Panama company.

Corlay is owned by an African consortium that's made up of MRS Holdings Ltd. and Petroci Holdings.
The deal requires the OK of regulators in Bermuda, since Chevron Nigeria Holdings is a Bermuda company. Chevron employs about 250 people in its downstream business in Nigeria.

In oil jargon, downstream means refining, marketing and transportation of oil and gasoline. Upstream refers to the complex and expensive business of finding oil and getting it out of the ground.