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Chevron sells Canadian refinery, fas stations in USD1.1 bln deal

April 20/2017

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 Airport.
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The sale is part of Watsons 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 this quarter.

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 2022.

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 worlds 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.
Author:Margaret Volkova
Tags:PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Chevron, Kazakhstan, USA.
Category:General News
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