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Chevron divests its shares in Australia’s Caltex

by ChemOrbis Editorial Team -
  • 30/03/2015 (16:55)
According to a press release on the company’s website, Chevron Global Energy has sold its 50% stake in Caltex Australia Limited (CAL) because of disappointing margins stemming from lower crude oil prices. The transaction value was reported at around $4.6 billion, which is the largest block trade done in the Australian market after Shell’s $3.3 billion deal in 2010.

The latest transaction was reported to be a part of the company’s planned asset sales program, which is expected to bring in around $15 billion over the next two years. However, the company also stated that Chevron will continue to focus on moving its Gorgon and Wheatstone liquefied natural gas (LNG) projects in Australia towards start-up.
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