chevron nigeria holdings is sold to corlay global

Chevron Nigeria Holdings is Sold to Corlay Global

09-20-2008

Chevron Corporation today announced that its subsidiary Chevron Africa Holdings Limited has agreed to sell Chevron Nigeria Holdings Limited to Corlay Global S.A, a Panamanian company owned by an African-based consortium composed of MRS Holdings Limited and Petroci Holdings.

Chevron Nigeria Holdings Ltd. is a Bermudan company that holds 60 percent of the issued shares of Chevron Oil Nigeria PLC, a publicly listed operator and owner of downstream marketing assets in Nigeria. Chevron's upstream operations in Nigeria are not affected by the sale.

The transaction is subject to Bermuda regulatory consent and is expected to close quickly. No additional details of the transaction were disclosed.

"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 this business to Corlay Global S.A. The company and its shareholders have a long history of operating successfully in Nigeria and Africa," said Shariq Yosufzai, president, Global Marketing, Chevron. "For Chevron, Nigeria remains a good country in which to do business."