OilVoice - Chevron Completes Sale of Marketing Business in Cameroon

Chevron Completes Sale of Marketing Business in Cameroon

Thursday, June 04, 2009

Chevron Corporation announces that its subsidiary, Chevron Africa Holdings Ltd., has completed the sale of Texaco Cameroun S.A. to Corlay Global S.A. Chevron announced the initial sales agreement in 2008.

The affiliate's assets include service stations, fuel depots and lubricants warehouses.

The sale is consistent with Chevron's ongoing effort to concentrate downstream resources and capital on strategic global markets and assets.

Earlier this week Chevron entered into a securities purchase agreement to sell its fuels marketing businesses in Haiti to Medley Capital Limited, a company owned by GB Group, a Haiti-based industrial group with core holdings in energy, steel and food products.

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