Chevron Sells Marketing Businesses in Kenya and Uganda
Chevron Corporation (NYSE: CVX) today announced that its subsidiary Chevron Africa Holdings Limited has agreed to sell 100 percent of its shareholdings in Chevron Kenya Limited and Chevron Uganda Limited to Total Outre Mer S.A (Total). Under the terms of the sales, Total is to acquire Chevron’s marketing businesses in both countries. Chevron Kenya Limited and Chevron Uganda Limited’s assets include 165 Caltex-branded service stations, one terminal, seven fuel depots, six aviation facilities, one lubricants blending plant, and a commercial and industrial fuels business.
“These sales are part of our continuing effort to increase efficiency and improve returns by creating better alignment between our marketing and refining operations,” said Shariq Yosufzai president, Global Marketing, Chevron.
The transactions are subject to obtaining relevant regulatory approvals and are expected to close in the first half of 2009. No additional details of the agreement were disclosed.
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