Chevron Sells Fuels Marketing Business in Nigeria
SAN RAMON, Calif., Sept. 19, 2008 – Chevron Corporation (NYSE: CVX) today announced that its subsidiary Chevron Africa Holdings Limited has agreed to sell Chevron Nigeria Holdings Limited to Corlay Global S.A, a Panamanian company owned by an African-based consortium composed of MRS Holdings Limited and Petroci Holdings. Chevron Nigeria Holdings Ltd. is a Bermudan company that holds 60 percent of the issued shares of Chevron Oil Nigeria PLC, a publically listed operator and owner of downstream marketing assets in Nigeria. Chevron's upstream operations in Nigeria are not affected by the sale.
The transaction is subject to Bermuda regulatory consent and is expected to close quickly. No additional details of the transaction were disclosed.
"This sale is in line with our ongoing effort to concentrate downstream resources and capital on strategic global assets," said Mike Wirth, executive vice president, Global Downstream, Chevron. "We are increasing efficiency and improving returns by shrinking our marketing footprint to better align with our refining operations."
"We are very pleased to be selling this business to Corlay Global S.A. The company and its shareholders have a long history of operating successfully in Nigeria and Africa," said Shariq Yosufzai, president, Global Marketing, Chevron. "For Chevron, Nigeria remains a good country in which to do business."
Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business across the globe. The company's success is driven by the ingenuity and commitment of approximately 59,000 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 and commercializes 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.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995
Some of the items discussed in this press release are forward-looking statements about Chevron's activities in Nigeria. Words such as "anticipates," "expects," "intends," "plans," "targets," "projects," "believes," "seeks," "estimates" and similar expressions are intended to identify such forward-looking statements. The statements are based upon management's current expectations, estimates and projections; are not guarantees of future performance; and are subject to certain risks, uncertainties and other factors, some of which are beyond the company's control and are difficult to predict. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Updated: September 2008