SAN RAMON, Calif. -- Chevron Corp. announced it has agreed to sell its fuels marketing and aviation businesses in Antigua, Barbados, Grenada, Dominica, St. Lucia, St. Vincent, Guyana, St. Kitts, French Guiana, Martinique, Guadeloupe, Trinidad, Nicaragua, Costa Rica and Belize.
The buyer is Vitogaz S.A., a wholly-owned subsidiary of RUBIS, an international downstream petroleum company based in France. The transactions are expected to close in full by the third quarter 2011, following receipt of required local regulatory and government approvals.
Under the terms of the agreement, RUBIS will acquire a network of 174 service stations operating under the Texaco brand; an equity interest in an associated refinery operation; proprietary and joint-venture terminals and aviation facilities; and Chevron's commercial and industrial fuels business, according to the California-based oil company.
"This sale is in line with our ongoing effort to concentrate downstream resources and capital on strategic global assets," Mike Wirth, executive vice president, Downstream & Chemicals, for Chevron, said in a statement. "By restructuring our worldwide portfolio, we intend to reduce capital employed, deliver stronger returns and achieve more profitable growth."
Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including bio-fuels.