Chevron''s African unit to sell Nigerian business
According to the Associated Press Chevron Corporation''s African subsidy will sell its Nigerian downstream business to Corlay Global SA as part on an ongoing effort to shrink its marketing operations to better align with its refining business. The financial terms have not been disclosed. Chevron Africa Holdings Ltd. will sell Chevron Nigeria Holdings Ltd., which owns 60 percent of Chevron Oil Nigeria PLC, to Panama-based Corlay. Downstream operations involve all phases of production from the generation of gasoline to the point of sale.