MOSCOW (MRC) -- Chevron Corp. has
agreed to sell the Burnaby refinery and gas stations in British Columbia to
Parkland Fuel Corp. for about CD1.46 billion (USD1.1 billion) as Chief Executive
Officer John Watson unloads assets, reported Bloomberg.
The sale includes 129
retail service stations, 37 commercial cardlock and three marine fueling
locations, Red Deer, Alberta-based Parkland said in a statement Tuesday.
Parkland also is picking up terminals throughout British Columbia and a
wholesale business that provides aviation fuel to Vancouver International
The most important market news of the day.
The sale is part
of Watson’s plan to raise as much as USD10 billion from asset sales this year.
The company has been marketing everything from Asian oil fields to African
storage facilities to generate cash. For Parkland, the deal complements the 44
Chevron-branded sites it has in the province, and builds on the USD750 million
acquisition of CST Brands Inc.’s Canadian assets that it expects to complete
As MRC informed before,
in July 2016, a USD36.8bn expansion of the Tengiz oilfield in Kazakhstan,
the largest investment by private sector oil companies this decade, was
given the go-ahead by Chevron of the US, bucking the trend of delays and
cancellations resulting from the slump in crude prices since mid-2014. The green
light for the plan is a rarity at a time when oil companies worldwide have been
slashing capital spending and holding back on new commitments to large
developments in particular. The decision to go ahead is a sign of the importance
of Kazakhstan to Chevron's long-term future. The investment will add 260,000
barrels a day of crude to production at Tengiz. That would increase the output
at TCO, the Chevron-led consortium that runs the field, by 44 per cent from its
average of 595,000 b/d last year. The expansion is scheduled to deliver oil from
Earlier, in December 2014, Chevron Phillips Chemical announced plans to
build a state-of-the-art polyethylene (PE) pilot plant at its research and
technology facility in Bartlesville, Oklahoma.
Chevron is the
second-largest US oil group by production and market capitalisation, after
ExxonMobil. Chevron Phillips Chemical (part of Chevron), 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.