Chevron to sell 50% stake in Caltex Australia

Energy firm Chevron has agreed to sell its 50% stake in oil refining and marketing firm Caltex Australia.

A range of Australian and worldwide equity market institutional investors are expected to acquire the stake.

Caltex buys crude oil and refined products on the international market, and sourced about 72 million barrels of crude and refinery feedstocks in 2008.

"This transaction reflects Chevron's commitment to regularly review our portfolio and generate cash to support our long-term priorities."

The company owns the Caltex Kurnell refinery in Sydney, and Lytton refinery in Brisbane. It delivers products through a network of pipelines, terminals, depots and a transport fleet.

Chevron executive vice president for downstream and chemicals Michael Wirth said: "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.

"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."

Caltex said its business will be unaffected by Chevron sale. It will continue to deliver all its customer's fuel requirements.

The existing trademark licensing deal between Chevron and Caltex will remain in effect after the transaction.

Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products.

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