Chevron Global Energy Inc. has entered an underwriting agreement for the sale of its 50% interest in Caltex Australia Ltd. to what it described as “a broad range of Australian and global equity market institutional investors.”
The move doesn’t involve Chevron’s Gorgon or Wheatstone LNG projects in Australia.
Caltex Australia last year reported total equity of $2.53 billion (Aus.) and profit of $22.67 million on revenue of $24.23 billion. The company operates the 108,000-b/d Lytton refinery in Brisbane. Last year it converted a 135,000-b/d refinery in Sydney into a terminal (OGJ Online, Oct. 14, 2014).
Chevron said a trademark licensing agreement between Chevron and Caltex Australia, a prominent retail brand, will remain in effect. It said it is “committed to seeking long-term relationship opportunities” with the Australian company, to which it will remain a product supplier.