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Chevron signs agreement to sell Benelux Fuels marketing business to Delek

Chevron Corporation announced the signing of an agreement by its subsidiaries in Belgium, the Netherlands and Luxembourg (Benelux) to sell their fuels marketing business to Dutch company Delek Benelux B.V., a subsidiary of Israeli company Delek Petroleum.

This sale, which is subject to regulatory approval, is expected to be completed during the Q3 2007. The sale price is $460 million (€342 million), exclusive of working capital adjustment estimated to be in the range of $30-95 million (€20-70 million).

Under the share sale agreement, Delek Benelux B.V. will acquire Chevron Corporation´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. (petolplaza.com)