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Chevron Sells Fuels Marketing Businesses in Western Africa

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The California-based oil giant Chevron today announced that its subsidiary Chevron Africa Holdings Limited has agreed to sell its affiliates in Benin, Cameroon, Republic of the Congo, Cote d’Ivoire and Togo to Corlay Global S.A., a Panamanian company owned by an African-based consortium composed of MRS Holdings Limited and Petroci Holdings. All of the affiliates are wholly owned with the exception of Chevron Togo S.A., in which Chevron has a 65 percent interest. Chevron’s upstream operations in the region are not affected by the sales.

The transactions are expected to close following receipt of required local regulatory and government approvals. No additional details of the transactions were disclosed. Chevron Corporation announced the sale of its fuels marketing business in Nigeria on Sept. 19, 2008.

“This sale is in line with our ongoing effort to concentrate downstream resources and capital on strategic global assets,” said Mike Wirth, executive vice president, Global Downstream, Chevron. “We are increasing efficiency and improving returns by shrinking our marketing footprint to better align with our refining operations.”

“We are very pleased to be selling these businesses to Corlay Global S.A.,” said Shariq Yosufzai, president, Global Marketing, Chevron. “The company and its shareholders have a long history of operating successfully in western Africa.”

Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business across the globe. The company’s success is driven by the ingenuity and commitment of approximately 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 commercializes the energy resources of the future, including biofuels and other renewables.

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