SAN RAMON, Calif., May 24 /PRNewswire-FirstCall/ -- 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 Texaco(R)-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.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE
PURPOSE OF "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION
REFORM ACT OF 1995.
This news release contains forward-looking statements about the planned
sale of Chevron's fuels marketing interests in the Netherlands, Belgium and
Luxembourg. The statements are based on 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. Among
the factors that could cause actual results to differ materially are the
length of time required to complete the sale; the results of due diligence
activities by the companies; successfully securing the necessary regulatory
approvals; and general economic and political conditions. 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.
SOURCE Chevron Corporation
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Related links:
http://www.chevron.com
CONTACT:
Paul Bray, London, +44 (0) 207 719 4452, or
Amy Cameron, London, +44 (0) 207 719 4477, or Stephanie Price,
San Ramon, Calif., +1-925-842-2583, all for Chevron Corporation
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