Total Oil Buys Chevron Marketing Business in Kenya & Uganda
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Monday, 03 November 2008 |
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Chevron Corporation has 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 Oil.
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.
PetrolWorld 031108
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