Processing Magazine

Chevron to sell fuels marketing businesses in Haiti

June 3, 2009
Chevron Corporation announced that it has entered into a securities purchase agreement to sell its fuels marketing businesses in Haiti to Medley Capital Limited, a company owned by GB Group, a Haiti-based industrial group with core holdings in energy, steel and food products. Under the terms of the agreement, which are subject to various closing conditions, Medley Capital Limited would acquire 58 service stations, a portfolio of approximately 120 commercial and industrial customers, and other lines of business. Other terms of the agreement were not disclosed. “The proposed sale of our fuels marketing businesses in Haiti is consistent with our ongoing effort to concentrate resources and capital on strategic, global assets,” said Shariq Yosufzai, president, Global Marketing, Chevron in a press release statement.