Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.
Find out more at btsub.sg/promo
CHEVRON Corporation is selling its Caltex service station network in New Zealand to a petrol retailer in the country.
The sale of its downstream operations to Z Energy Limited, reportedly for US$785 million, is part of its broader US$15 billion divestment programme, as the US energy company responds to falling oil prices.
"Asia-Pacific remains a core strategic focus for Chevron's downstream business and we are focused on ensuring our operations, portfolio and investments are well-positioned to meet the region's growing demand for energy," said Mark Nelson, Chevron president of international products, downstream and chemicals.
The transaction is expected to be completed by the end of the year.