Chevron Corporation’s wholly owned subsidiary Chevron Global Energy Inc. has announced that it has entered into an underwriting agreement for the sale of its 50% shareholding in Caltex Australia Limited (CAL). It is expected that these shares will be sold to a broad range of Australian and global equity market institutional investors.
"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," said Michael Wirth, Executive Vice President, Downstream and Chemicals. "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, Chevron, said: “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.”
The announcement does not alter Chevron’s focus on moving the Gorgon and Wheatstone liquefied natural gas (LNG) projects towards start up. Chevron is one of Australia’s largest foreign investors and is the largest holder of natural gas resources in the country.
Adapted from press release by Rosalie Starling
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