Chevron looking for buyers in Caribbean markets

(CNS): According to internet based stock advisors Stock Briefings the Chevron Corporation has put its Bahamas Texaco up for sale. The move is considered as part of a wider policy to depart its ‘downstream’ retail and wholesale trades in the Caribbean, from the Bahamas and eight other local markets including the Cayman Islands. A Chevron spokesman reportedly said “The remaining markets open for a potential sale are Bahamas, Jamaica, Cayman Islands, Suriname, Puerto Rico, Dominican Republic, Saint Maarten, Turk & Caicos and the US Virgin Islands.”

The oil company recently sold its fuels marketing and aviation businesses in the eastern Caribbean to Viotgaz SA a subsidiary of France-based Rubis, for a purchase price about $300 million.

David Sterling, district manager at Chevron Caribbean, who operates out of Jamaica also told the Gleaner last week that the oil company wants a less complex structure for its global operations and is in the process of soliciting bids for more regional operations. Chevron, he said, was reducing its footprint in the region to invest its capital elsewhere in the global operation for better returns on investment and to strengthen its competitive position in a tough global industry.
"There are nine other Caribbean markets, including Jamaica, up for a potential sale," Sterling stated.

Mike Wirth, Chevron’s executive vice president for downstream and chemicals recently said that, “By restructuring our worldwide portfolio, we intend to reduce capital employed, deliver stronger returns and achieve more profitable growth."