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Chevron completes sale of Benelux Fuels marketing business to Delek

Chevron Corporation 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.

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. The amount paid to Chevron on the close date of August 8, 2007, was $516 million, which excludes a final adjustment amount expected to be settled by the end of the year.

Chevron Corporation is one of the world's leading energy companies. With approximately 56,000 employees, Chevron subsidiaries conduct business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and refining, marketing and distributing fuels and other energy products. Chevron is based in San Ramon, California/USA. (petrolplaza)