In the Asia-Pacific region, Chevron Corporation uses Caltex as its brand of lubricants business. In Beijing, Shanghai, Guangzhou, Chengdu, and other major cities in Mainland China, subsidiaries are established, and in Shanghai and Tianjin, a joint venture and wholly-owned lubricants blending plant with world-leading lubricant blending equipment has been established, and multiple marketing programs have been established nationwide. , production and distribution departments.

Chevron

It is understood that Chevron has operations in more than 180 countries around the world. South Africa's refined oil demand has increased at an average annual rate of nearly 5% in the past five years, and total consumption has reached 27 million tons.

Sinopec Successfully Acquires Chevron South Africa Assets

Recently, China Petroleum & Chemical Corporation and Chevron Global Energy Corporation entered into a sales and purchase agreement to acquire 75% of Chevron South Africa and 100% of Chevron Botswana, with a total transaction volume of approximately US$900 million.

The acquisition includes a refinery in Cape Town, South Africa, with a refining capacity of 5 million tons per year, more than 820 gas stations in South Africa and Botswana, 220 convenience stores and oil depot distribution facilities, and a lubricant oil plant in Durban, South Africa. Sinopec said that retail gas stations will retain the name of the Chevron Caltex brand for at least the next five years and will later launch a brand remodeling strategy.

Chevron Caltex Lubricants

According to foreign media reports, South Africa’s economic development minister Ebrahim Patel recently said that due to South Africa’s request to ensure that the refinery’s production capacity is maintained and improved, the country is working with Sinopec on its acquisition of Chevron’s Cape Town refinery. Conduct negotiations.

Chevron's transfer of assets to Chinese companies is hindered by Meng’s assets

Chinese companies as Chevron's "favored" as the acquirer not only sold South African assets to Sinopec, but their assets in Bangladesh are also intended to be sold to Chinese companies.

Chevron said that it will sell its shares in wholly-owned subsidiaries operating in three upstream areas in Bangladesh to China Himalaya Energy. It is understood that Chevron's natural gas production in Bangladesh accounted for about 58% of the total natural gas production in Bangladesh.

In fact, prior to this, Chevron had requested the Bangladesh government to raise the price of natural gas, but was ruthlessly rejected. Chevron then made a decision to withdraw from Bangladesh and withdrew its reinvestment of natural gas assets to Bangladesh, which amounted to US$650 million. s plan.

In fact, the sale was not easy. According to reports, the state-owned oil company in Bangladesh sent a letter to the Bangladesh investment authority and the registration office of the joint venture, requesting that Chevron be prevented from transferring all related activities in the company's assets to the Chinese company. The report said that Bangladesh and Chevron have been in confrontation with each other. The Meng government also held an emergency meeting on May 23 to discuss the matter. Chevron’s employees in Bangladesh also had conflicts with their management. As employees expressed concern about their own interests being damaged, they refused to cooperate with transaction-related activities. The employee asked for a 5% profit share over the past 8 months but was rejected by management. A Chevron spokesman said that Chevron has been negotiating with staff representatives for the past six months and has proposed a package of measures to protect employee benefits, including guaranteeing two years of employment and providing bonuses equal to nine months’ salary, but Rejected by employees. Chevron said it will continue to talk with employees and respect and protect employee rights.

Good performance in the first quarter but still hidden

Chevron’s quarterly report recently revealed that Chevron had finally turned a profit in the first quarter of this year, with a profit of nearly $2.7 billion.

The main purpose of Chevron’s sale of its assets in succession in the last two years is to generate enough cash to pay for new investments and dividends, and the new project will help the company achieve good performance this year. Chevron’s chief financial officer said Chevron may use it to reduce its debt ratio by about 24% as more money flows in. However, it is not too happy that the two-year tax dispute between Australia and Chevron may cause the latter to pay a multi-billion-dollar price.

Last month, Chevron lost an appeal in an Australian Federal Court of Appeal and the court found that Chevron defaulted on approximately US$250 million in taxes, including fines. Chevron said in mid-May that the company plans to appeal again to refer the case to the High Court of Australia. In response, Chevron’s chief financial officer stated that the court's rulings are of major importance. This is not just about Chevron, but also about internal corporate loans in Australia and even globally.

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