Chevron Limited, an indirect, wholly-owned subsidiary of Chevron Corporation, has announced the signing of an agreement to sell its UK equity distributor business to GB Oils Limited, a subsidiary of DCC plc. The sale is for £21.9 million and is expected to be completed in the third quarter 2008. GB Oils
will assume ownership of a number of fuels, lubricants and fuel card businesses. The trading names of these businesses include Bates & Hunt, James D Johnson, Team Flitwick, GE Stevens, Able Energy, Vectis Oils, OJ Williams and Owen Fuels. As part of the proposed sale, a supply agreement will be entered into between GB Oils and Chevron. This agreement will provide supply security for both parties and enable GB Oils to maintain use of the Texaco brand.
“The Texaco brand has a strong presence in the United Kingdom,” said Shariq Yosufzai, Chevron’s president of Global Marketing. “As a sales, marketing, and distribution leader in the marketplace, GB Oils is a good match for our business. We are confident that GB Oils will continue to uphold the high quality and standards that Texaco customers have come to rely on for more than 90 years.”
Rhonda Morris, general manager, Europe Marketing for Chevron added: “The sale of our UK equity distributor business to GB Oils, and associated supply agreement, reinforces our strategy of focusing on our core strength of providing branding and support to our network of 1,100 independently-owned, Texaco-branded service stations in the UK, as well as our authorised distributors. Chevron continues to look to expand the number of independently-owned retail sites trading under its Texaco brand and we can now claim to have the largest network of independent, branded forecourts in the country."
Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business across the globe. It has around 59,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops and commercialises the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, California.