Chevron sells NZ petrol station network for US$785m

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.

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