Business
Chevron completes sale of Caribbean assets
Chevron has concluded the sale of its fuels marketing and aviation business in The Bahamas, Cayman Islands and Turks and Caicos to a French multinational energy company.
Vitogaz, a wholly-owned subsidiary of RUBIS, will acquire a network of 39 retail stations, eight aviation facilities, six fuel terminals, one joint operation at the Lynden Pindling International Airport in The Bahamas and a commercial and industrial fuels business.
The deal, first announced by Guardian Business back in November, has undergone the appropriate approvals, according to Hector Infante, public affairs manager for Chevron in the Caribbean.
“Chevron does not disclose information regarding the price of the sale of these transactions,” he said.
These assets, according to a release from Chevron, are in addition to another sale by Chevron in July 2011, whereby RUBIS purchased 174 service stations operating under the Texaco brand, an equity interest in an associated refinery operation, propriety and joint-venture terminals and aviation facilities.
While the oil and gas giant continues its retreat from the region, French multinational RUBIS is projecting strong growth in 2012 based on these acquisitions.
The company’s 2011 annual results, obtained by Guardian Business, reveals a “new record” fiscal year with 30 percent growth in volume and 27 percent in net profit.
