French firm leads bid to buy Texaco’s regional ops

(CNS): According to the regional press a French multinational energy company has been identified as the preferred buyer for Texaco after offering a nine figure bid. No sales agreement has yet been signed the Bahmas based Tribune is reporting that RUBIS, a petroleum products distributor and operator of bulk storage facilities appears won the bid to acquire Texaco's Bahamian assets, as well as those in the Cayman Islands and Turks & Caicos.  Texaco's Bahamian operations are in the midst of being sold but Chevron Corporation has said nothing has been signed yet. "Chevron is currently in the process of assessing bids for the sale of its fuels marketing and aviation business in the Bahamas. However, we have not signed any agreements to sell as of yet," Chevron told the Tribune.

Chevron is seeking to exit operations in 20 jurisdictions in the Caribbean and Central/Latin America, but rather than sell them as individual territories it has put them into four different 'packages'. As a result, the Bahamian operations have been included in the Cayman Islands and Turks & Caicos package. The firm has also said that those who bid for all four packages would be given an advantage over those who bid for just one."

Go to full article