Published 11th February, 2011
Chevron Corporation is set to sell its Spanish operations to Compania Espanola de Petroleos SA (CEPSA).
The deal, for an undisclosed amount, will hand over the US company's Chevron España SA and its service station businesses to the 82-year old Spanish oil refining and marketing group.
CEPSA will take over some 62 service stations in the Canary Islands under the Texaco brand, plus aviation supplies to 11 airports and lubricants blending and sales operations. Chevron will retain its Spanish marine lubricants business.
In the short-term, CEPSA will retain the Chevron brands under licence to allow it time to rebrand the products and operations to CEPSA's own name.