Chevron sale complete

The ownership of the fuel giant’s Caribbean operations officially change hands.

BRIDGETOWN, Barbados, Friday April 1, 2011 – US-based fuel giant Chevron has completed the sale of its fuels marketing and aviation businesses in the Caribbean.

The company announced yesterday that Texaco operations in Antigua and Barbuda, Barbados, Grenada, Dominica, St. Lucia, St Vincent and the Grenadines, Guyana, St. Kitts and Trinidad and Tobago are now owned by Vitogaz, S.A., a wholly-owned subsidiary of RUBIS, an international downstream petroleum company based in France.

“The remaining transactions for Nicaragua, Costa Rica, Belize, Martinique, Guadeloupe and French Guiana, are expected to close by third quarter 2011 following receipt of required local regulatory and government approvals,” it said in a statement.

The sale of the businesses in nine Eastern Caribbean countries includes a network of 75 service stations, interest in nine aviation facilities, five LPG filling plants, seven storage terminals, and trading and shipping operations. 

It is part of the overall purchase of Chevron’s 15-country network comprising 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 a commercial and industrial fuels business. 

Chevron is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide.  The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; and generates power and produces geothermal energy; provides energy efficiency solutions.

Click here to receive free news bulletins via email from Caribbean360. (View sample)