Chevron Signs Agreement to Sell Benelux Fuels Marketing Business to Delek |
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Chevron Products Co.
6001 Bollinger Canyon Rd.
San Ramon, CA, 94583
USA
Press release date: May 24, 2007
SAN RAMON, Calif., May 24: Chevron Corporation (NYSE:CVX) today announced the signing of an agreement by its subsidiaries in Belgium, the Netherlands and Luxembourg (Benelux) to sell their fuels marketing business to Dutch company Delek Benelux B.V., a subsidiary of Israeli company Delek Petroleum.
This sale, which is subject to regulatory approval, is expected to be completed during the third quarter 2007. The sale price is USD $460 million (approximately euro 342 million), exclusive of working capital adjustment estimated to be in the range of USD $30-95 million (approximately euro 20-70 million).
Under the share sale agreement, Delek will acquire Chevron's Benelux fuel marketing operations, which include 803 TexacoŽ-branded service stations, two fuel terminals in Belgium and Luxembourg, interests in six joint venture retailers in the Netherlands, as well as other related assets.
Chevron will retain its lubricants, aviation, fuel and marine marketing, Oronite additives and upstream businesses in Europe.
Chevron Corporation is one of the world's leading energy companies. With approximately 56,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, Calif. More information on Chevron is available at http://www.chevron.com/. Source: Chevron Corporation
CONTACT: Paul Bray, London, +44 (0) 207 719 4452, or Amy Cameron, London, +44 (0) 207 719 4477, orv Stephanie Price, San Ramon, Calif., +1-925-842-2583, all for Chevron Corporation Web site: http://www.chevron.com/
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