Israel's Delek Group has announced that its Delek Petroleum subsidiary is in discussions with Chevron's management board regarding the possible acquisition of Chevron petrol stations in the Benelux region.
The wholly-owned Delek subsidiary confirmed that it is in the process of discussions to acquire Chevron’s marketing operations in the Benelux region, including around 750 petrol stations.
Other participants in the tender for the Belgium, the Netherlands and Luxembourg Chevron assets included Dor Alon Energy in Israel, which was the first to table a bid. However, it appears that Delek Petroleum has emerged as the preferred candidate, and thus is exclusively negotiating with Chevron’s management over a possible deal.
The companies have not hinted at a likely timescale for the talks, with Delek merely referring to a period of exclusivity that has been agreed by both sides.
According to Globes Online, the value of the acquisition was previously estimated to be around $880 million. The newspaper also said that the deal, if it goes ahead, is likely to represent the beginning of a large-scale expansion operation for Delek in the European market.
In other news, over in the US, Chevron’s Energy Solutions unit has been celebrating the completion of an innovative new system that turns inedible kitchen grease from restaurants into biogas for generating renewable power and heat.