Chevron sells interest in Caltex Australia
Chevron Global Energy Inc. has entered into an underwriting agreement for the sale of its 50% interest in Caltex Australia Ltd (CAL).
Portfolio review
Commenting on the move, Michael Wirth, Executive VP, Downstream and Chemicals, said: "This transaction reflects Chevron's commitment to regularly review our portfolio and generate cash to support our long-term priorities. It is aligned with our previously announced asset sales commitment.
"We appreciate the strong performance of Caltex Australia over the many years we've been a shareholder, and look forward to a mutually beneficial supply and brand relationship for many years to come."
Mark Nelson, President, International Products, Downstream and Chemicals, added: "Asia-Pacific is a core strategic focus for Chevron's Downstream business and we remain focused on ensuring our operations, portfolio and investments are well-positioned to meet the region's growing demand for energy."
LNG focus
This announcement does not alter Chevron's focus on moving the Gorgon and Wheatstone LNG projects towards start-up.
The current trademark licensing agreement between Chevron and CAL will remain in effect following the transaction. Chevron will continue to ensure a supply of product is available to CAL to supply to its retail and reseller franchise network. Chevron is also committed to seeking long-term relationship opportunities with CAL.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/27032015/chevron-sells-caltex-australia-interest-494/
You might also like
EIA: US natural gas trade will continue to grow with the start-up of new LNG export projects
The U.S. Energy Information Administration’s recently released Short-Term Energy Outlook forecasts that US LNG exports will continue to lead growth in US natural gas trade as three LNG export projects currently under construction start operations and ramp up to full production by the end of 2025.
