MOSCOW (MRC) -- Chevron Corp.announced that its subsidiary Chevron Global Energy Inc. has entered into an underwriting agreement for the sale of its 50 percent shareholding in Caltex Australia Limited, said Reuters.
The company said these shares are expected to be sold to a broad range of Australian and global equity market institutional investors. The company noted that the sale does not alter Chevron's focus on moving the Gorgon and Wheatstone liquefied natural gas projects towards start-up.
"This transaction reflects Chevron's commitment to regularly review our portfolio and generate cash to support our long-term priorities. It is aligned with our previously announced asset sales commitment," said Michael Wirth, executive vice president, Downstream and Chemicals.
As MRC informed earlier, Chevron Phillips Chemical (CPChem) received approval from its board of directors and obtained an environmental permit from the Texas Commission on Environmental Quality (TCEQ) to expand normal alpha olefins (NAO) production capacity at its Cedar Bayou plant in Baytown, Texas.
Chevron Phillips Chemica, headquartered in The Woodlands, Texas (north of Houston), US,l is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, piping, and proprietary plastics. Chevron and Phillips 66 each own 50% of Chevron Phillips Chemical.
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