Chevron Corp. said Friday that it has agreed to sell its downstream business in Nigeria to an African consortium for an undisclosed amount. The transaction includes a lubricant blending plant in Lagos, Nigeria.
Under terms of the proposed agreement, Chevron subsidiary Chevron Africa Holdings Ltd. will sell Chevron Nigeria Holdings Ltd., a Bermuda company, to Corlay Global S.A., a Panamanian company co-owned by M.R.S. Holdings Ltd. and Petroci Holdings. Chevron Nigeria Holdings owns 60 percent of the stock in Chevron Oil Nigeria PLC, which operates downstream operations including a chain of more than 400 gas stations operating under the Texaco brand.