Chevron to leave Puerto Rico, shutter Texaco

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bimjim
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Chevron to leave Puerto Rico, shutter Texaco

Unread post by bimjim » Sat Jun 11, 2011

http://m.cnbc.com/id/43366007

Chevron to leave Puerto Rico, shutter Texaco
The Associated Press
June 11, 2011

Chevron Corporation is leaving Puerto Rico and plans to sell its 187 Texaco stations across the island, a spokesman said Saturday.

The Texaco brand has been in the U.S. Caribbean territory since 1911, and it currently has 75 employees, spokesman Sean Comey said.

Last year, the company issued a statement saying it would sell its fuels marketing and aviation business in other Caribbean islands including Barbados, Antigua and Martinique to Vitogaz SA., a subsidiary of France-based RUBIS.

The restructuring is aimed at saving money and strengthening more lucrative markets, the company has said.

The announcement comes as Swiss oil company Puma Energy Caribe LLC expects to open its first gas stations in Puerto Rico after buying Capeco's facility along with 147 service stations through a court-ordered bankruptcy sale.

Puma Energy also owns a fuel storage facility in Guaynabo with a 48,000-ton (43,500-metric ton) capacity. Chevron is based in San Ramon, California. Texaco became a wholly owned subsidiary of Chevron in 2001.

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