ChevronTexaco announced that Caltex Trading and Transport Corporation, a subsidiary of ChevronTexaco Corporation, has reached an agreement with Emirates National Oil Company Limited (ENOC) L.L.C. (ENOC), its Dubai government-owned partner, to sell its interest in Emirates Petroleum Products Company L.L.C. (EPPCO LLC), a retail fuels marketing business in Dubai. As part of this agreement, EPPCO LLC will continue to sell Caltex lubricants through its retail network.
This agreement is part of ChevronTexaco’s downstream strategy to improve returns by focusing on areas where it has a competitive supply position and strong brand recognition for its three world-class brands – Chevron, Texaco and Caltex. As part of this strategy, Caltex is selling its interest in fuel and convenience retailing in Dubai and the Northern Emirates. Caltex will continue to grow its aviation, lubricants and storage businesses in this region through two existing joint ventures with ENOC – EPPCO Projects Co. L.L.C. and EPPCO International Limited.
"This agreement is part of ChevronTexaco’s ongoing commitment to concentrate our resources and capital to improve our competitive position in strategic markets. We are proud of what we have done together with ENOC to build a strong retail business run by a national workforce. We believe ENOC can build on this foundation to grow further, and ChevronTexaco can redeploy its resources elsewhere," said Shariq Yosufzai, president of ChevronTexaco Global Marketing.
"We are pleased to continue our relationship with ENOC and are committed to strengthening our partnership in aviation, lubricants and storage," said Mike Wirth, president of ChevronTexaco Global Supply and Trading.