Chevron Completes Sale of Fuels Marketing Business in Brazil to a Subsidiary of Ultrapar Participações S.A.
SAN RAMON, Calif., March 31, 2009 - Chevron Corporation (NYSE: CVX) today announced that two of its subsidiaries completed the sale and transfer of their fuels marketing business in Brazil to a subsidiary of Ultrapar Participações S.A. (Ultrapar). Chevron announced the initial sales agreement on August 14, 2008.
Under the terms of the agreement, Ultrapar acquired a network of approximately 2,000 service stations operating under the Texaco brand, an equity interest in associated terminal operations, and Chevron's commercial and industrial fuels business. Other terms of the agreement were not disclosed.
Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
Updated: March 2009