Tuesday, November 4, 2008

Chevron to sell Kenya, Uganda assets to Total

Chevron's African subsidiary selling assets in Kenya, Uganda to Total for undisclosed amount

November 03, 2008 / NEW YORK (Associated Press)

Chevron Corp. said Monday it will sell its Kenya and Uganda businesses to Total Outre Mer SA for an undisclosed amount.

Chevron Africa Holdings Ltd. will sell its entire stake in the businesses, which include 165 Caltex-branded service stations, one terminal, seven fuel depots, six aviation facilities, one lubricants blending plant, and a commercial and industrial fuels business.

The deal, which still requires regulatory approval, is expected to close in the first half of 2009.

Shares of Chevron fell 57 cents to $74.03 in morning trading.