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Chevron Corporation's wholly owned subsidiary Chevron Global Energy Inc. has today announced that it has entered into an underwriting agreement for the sale of its 50 percent shareholding in refiner and bunker supplier Caltex Australia Ltd (CAL).

In a statement, Michael Wirth, executive vice president, Downstream and Chemicals, said: "This transaction reflects Chevron's commitment to regularly review our portfolio and generate cash to support our long-term priorities. It is aligned with our previously announced asset sales commitment. We appreciate the strong performance of Caltex Australia over the many years we've been a shareholder, and look forward to a mutually beneficial supply and brand relationship for many years to come."

Mark Nelson, president, International Products, Downstream and Chemicals, Chevron, remarked: "Asia-Pacific is a core strategic focus for Chevron's Downstream business and we remain focused on ensuring our operations, portfolio and investments are well-positioned to meet the region's growing demand for energy."

Chevron said that its shares are expected to be sold to "a broad range of Australian and global equity market institutional investors".

The US-headquartered energy giant added that the sale of its stake in Calex Australia did not alter its focus on moving the Gorgon and Wheatstone liquefied natural gas (LNG) projects towards start-up. "Chevron is one of Australia's largest foreign investors and is the largest holder of natural gas resources in the country," the company stressed.

"The current trademark licensing agreement between Chevron and CAL will remain in effect following the transaction. Chevron will continue to ensure a reliable, high-quality supply of product is available to CAL to supply to its retail and reseller franchise network. Chevron is also committed to seeking long-term relationship opportunities with CAL," Chevron added.