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Texaco on sale block

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Texaco on sale block

Unread post by bimjim » Thu Apr 28, 2011

http://jamaica-gleaner.com/gleaner/2011 ... ness3.html

Texaco on sale block
Carl Gilchrist, Gleaner Writer
April 28, 2011

Chevron Caribbean, the operator of Texaco service stations islandwide, says it expects to sell its Jamaican operations by year end.

Speaking to The Gleaner at a Chevron retailers conference at the Gran Bahia Principe Hotel in Runaway Bay, St Ann, yesterday, district sales manager for Chevron in Jamaica, David Sterling, said the process is moving ahead rapidly.

"I'm not able to tell you the number (of proposals), it's a work in progress but the process is moving ahead quite quickly. We're looking to close the deal, maybe not fully transfer, but to have some kind of agreement before the end of the year," Sterling said.

Sterling confirmed that the company has been receiving proposals from interested parties locally and overseas, but could not say whether the likely owners would be Jamaican or foreign.

"I'm unable to say at this time (who the likely owners will be) but I'm sure that the eventual buyer for the business will be the one that both employees and Jamaica will be proud to have here locally."

Sterling said the Texaco has performed very well over the past year or two in Jamaica, although being affected by rising fuel prices like its competitors, and the sale was part of Chevron Corporation's business review.

overall assessment

"They are always looking for opportunities to reorganise their businesses and the sale of the business in the Caribbean and parts of Central America is just a part of the overall assessment of their business," he explained.

At the end of March this year, Chevron completed the sale of its fuels marketing and aviation businesses in several Caribbean countries including Barbados, Antigua and Barbuda, Grenada, Dominica, St Lucia, St Vincent and the Grenadines, Guyana, St Kitts and Trinidad and Tobago.

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