Chevron sells New Zealand refinery stake for USD59m| MENAFN.COM

Wednesday, 10 August 2022 03:02 GMT

Chevron sells New Zealand refinery stake for USD59m

(MENAFN) US No. 2 oil producer Chevron Corp. has further reshaped its Asia-Pacific footprint by selling a stake in the operator of New Zealand's sole refinery, 4-traders reported.

Chevron raised more than USD59 million through the sale of its around 11 percent interest in Refining NZ to institutional investors. Deutsche Craigs handled the trade of around 35.5 million shares.

In February, Chevron sold its 50 percent stake in Caltex Australia Ltd. fuel terminals and gasoline stations, for USD3.63 billion. It also decided not to invest more money in a joint venture with Beach Energy Ltd.

"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," Chevron senior said.

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