Chevron sells Caribbean assets to Vitogaz

(Barbados Nation) Chevron Corporation, owner of Texaco, has completed the sale of its fuels marketing and aviation businesses in Barbados, as well as the Eastern Caribbean countries of Antigua and Barbuda, Grenada, Dominica, St Lucia, St Vincent and the Grenadines, Guyana, St Kitts and Trinidad & Tobago.

The Californian-based Chevron stated in a release yesterday that it had sold to Vitogaz, S.A., a subsidiary of Rubis, a French-based international downstream petroleum company.

Texaco’s business in nine Eastern Caribbean countries included a network of 75 service stations, interest in nine aviation facilities, five LPG filling plants, seven storage terminals, and trading and shipping operations.

This asset base forms 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.

The remaining transactions for Nicaragua, Costa Rica, Belize, Martinique, Guadeloupe and French Guiana, are expected to close by the third quarter of 2011 following receipt of required local regulatory and government approvals, according to the release.

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