Chevron sells Caltex Australia stake

Oil and gas giant Chevron said that it has entered into an underwriting agreement for the sale of its 50 percent shareholding in Caltex Australia.

Chevron is developing two giant LNG projects in Australia, Gorgon and Wheatstone.

Today’s announcement does not alter Chevron’s focus on moving the Gorgon and Wheatstone liquefied natural gas (LNG) projects towards start-up. Chevron is one of Australia’s largest foreign investors and is the largest holder of natural gas resources in the country,” the company said in a statement.

It is expected that Caltex shares will be sold to a broad range of Australian and global equity market institutional investors.

This transaction reflects Chevron’s commitment to regularly review our portfolio and generate cash to support our long-term priorities. It is aligned with our previously announced asset sales commitment,” said Michael Wirth, executive vice president, Downstream and Chemicals. “We appreciate the strong performance of Caltex Australia over the many years we’ve been a shareholder, and look forward to a mutually beneficial supply and brand relationship for many years to come.

 

 

Share this article

Follow LNG World News

Events>

<< Apr 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Flame 2020

Flame is Europe’s largest and most influential meeting place for the global gas industry.

read more >

4th PNG Petroleum & Energy Summit

The CWC Group, in partnership with Kumul Petroleum Holdings Ltd.

read more >

FSRU World Congress 2020

FSRU World Congress 2020 will therefore focus on further Commercialising FSRUs through LNG-to-Power…

read more >

CWC World LNG & Gas Series: 12th Asia Pacific Summit

The 2020 Summit will offer an unrivaled programme covering relevant and significant discussion topics…

read more >