Aug 10 2007
Chevron Corporation today announced the completion of the sale by its subsidiaries in Belgium, the Netherlands and Luxembourg (Benelux) of their fuels marketing business to Dutch company Delek Benelux B.V., a subsidiary of Israeli company Delek Group. The amount paid to Chevron on the close date of August 8, 2007, was USD $516 million, which excludes a final adjustment amount expected to be settled by the end of the year.
Under the previously announced share sale agreement, Delek Benelux B.V. acquired Chevron's Benelux fuel marketing operations, which include 803 Texaco(R)-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.