Chevron Agrees to Sale of Hawaii Assets
HONOLULU — Chevron Corp. customers in Hawaii will soon say “aloha” to a new owner. Chevron agreed to sell its Hawaiian assets to Island Energy Services, a division of New York-based One Rock Capital Partners.
Terms of the transaction were not released. The deal is expected to close in the second half of this year, pending regulatory approval.
The sale includes 58 convenience stores and gas stations; a 58,000-barrel-per-day refinery in Kapolei, Hawaii; four product terminals on the islands of Oahu, Maui, Kauai and Hawaii; pipeline systems and other downstream assets. Chevron had operated in the Aloha State for more than 125 years.
According to KHON-TV, the c-stores will be rebranded as Texaco locations, but the gasoline will stay the same, with the Techron additive used by Chevron. Some 300 Chevron employees throughout the Aloha State are expected to be offered continued employment.
Customers can continue to use their Chevron credit card and the existing Safeway-Chevron loyalty program in Hawaii will become a Safeway-Texaco loyalty program, the news source reported.
Island Energy Services was created specifically to purchase the Chevron Hawaiian assets. Upon completion of the transaction, it will be headquartered in Hawaii.
“One Rock plans to build on the successful and solid foundation that Chevron has developed over the years and will work to create a standalone business, focused solely on Hawaii,” the investment firm told the news outlet.
As CSNews Online previously reported, Chevron has considered a sale of its Hawaiian assets for some time. Companies as far away as The Philippines and South Korea were thought to be interested.