In a press release, Chevron said that its subsidiaries in Belgium, the Netherlands and Luxembourg have signed agreements to sell their fuels marketing business to Dutch company Delek Benelux.
Delek Benelux will acquire the assets for $460 million, exclusive of working capital adjustment estimated to be in the range of $30 million to $95 million.
Under the share sale agreement, Delek will acquire Chevron’s Benelux fuel marketing operations, which include 803 Texaco-branded service stations, two fuel terminals in Belgium and Luxembourg, interests in six joint venture retailers in the Netherlands, as well as other related assets.
Chevron will retain its lubricants, aviation, fuel and marine marketing, Oronite additives and upstream businesses in Europe.
The sale is subject to regulatory approval, but is expected to be completed during the third quarter of 2007.
