Chevron Is Said to Weigh Sale of Hong Kong Gas Stations Business

Wedoany.com Report-Nov 6, Chevron Corp. is considering a sale of all of its gas stations in Hong Kong amid interest from prospective investors, according to people familiar with the matter.

The American oil and gas company, which operates more than 40 Caltex-branded service stations in Hong Kong, may seek a valuation of about $400 million for the assets, one of the people said, asking not to be identified because the matter is private. Considerations are ongoing and details could change or not result in a deal, the people said.

A representative for Chevron Hong Kong declined to comment.

The company counts Caltex refining facilities and offices in more than 60 countries across Asia Pacific, the Middle East and Africa, according to its website. Its business units include retail sales, lubricants, storage and distribution, as well as trading.