Chevron (NYSE:CVX) has agreed to sell the majority of its assets it holds in Spain to Compañía Española de Petróleos S.A., with the exception of their marine lubricants business.
Included in the sale will be their aviation businesses, finished lubricants and fuels.
That means their 62 Texaco-branded service stations will be divested of, along with the supply agreements they have with 11 airports. Chevron's lubricants blending plant in Valencia will also be part of the deal, which will still have to pass regulatory approval.
Compañía Española de Petróleos S.A. will receive a temporary brand license from Chevron in until they are able to transfer everything to their brand.
Chevron closed Friday at $97.11, dropping $0.20, or 0.21 percent.
Monday, February 7, 2011
Chevron (NYSE:CVX) Sells Assets in Spain, Retains Marine Business
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