The final amount will vary based on exchange rate fluctuations and the actual working capital sold.

Under the terms of the agreement, Ultrapar will acquire a network of approximately 2,000 service stations operating under the Texaco brand, an equity interest in associated terminal operations, and Chevron’s commercial and industrial fuels business. Other terms of the agreement were not disclosed.

Mike Wirth, executive vice president of global downstream at Chevron, said: The proposed sale of our retail fuels marketing operations in Brazil is consistent with our ongoing effort to concentrate downstream resources and capital on strategic global assets. By restructuring our worldwide portfolio, we intend to reduce capital employed, deliver stronger returns and achieve more profitable growth.