As part of ChevronTexaco’s strategy of focusing on key areas, Texaco Limited is reducing capital invested in certain retail assets. Following the proposed sale, Texaco will maintain a marketing presence in the UK as a branded wholesaler, supplying fuel to 1,100 Texaco-branded third-party service stations, one of the largest branded fuel networks in the UK.
Under the agreement, Texaco will continue to supply the approximately 140 Somerfield-owned service stations with fuel and the forecourts will still be branded Texaco. The convenience stores are to remain under the Somerfield brand.
This proposed agreement will allow us to concentrate our resources and capital on enhancing the performance of our refining and distribution network, said Shariq Yosufzai, president of ChevronTexaco Global Marketing. Our customers will still receive the same high quality fuel products they have come to expect from filling up at a Texaco-branded site and will also benefit from Somerfield’s excellent fresh food and retail expertise.
The two companies will now undertake detailed discussions with the goal of finalizing the agreement, subject to all necessary approvals and following consultation with employees.
