Chevron Sells Welsh Refinery to Petroplus

Chevron has completed the sale of its subsidiary, Gulf Oil Refining Limited, to Petroplus UK Holding Limited, a subsidiary of Petroplus International N.V., company officials recently announced.

Gulf's 115,000 barrel-per-day refinery near Milford Haven, Wales ceased refining operations last December as part of Chevron's strategy to withdraw from the downstream oil business in the United Kingdom. Petroplus intends to restart the 20 Megawatt power plant to export electricity and operate the site as a third-party storage terminal.

The agreement also includes an option for Petroplus to use the refinery process units and equipment, although Chevron and Petroplus will continue to consider outside offers.

For more information: Dawn Soper, Chevron. Tel: 415-894-4447.