Petrobras on Nov. 4 agreed to acquire Chevron Chile S.A.C., including a lubricant blending plant in Santiago with 15,900 cubic meters (14,000 metric tons) per year capacity, for $12 million. In a statement provided to Lube Report, Chevron said it expects the transaction to be completed in the fourth quarter of 2009.
The sale of our lubricant manufacturing operations in Chile to Petrobras is consistent with [Chevron] Global Lubricants strategy to focus its efforts and resources on markets that represent the strongest opportunity for sustainable profitability and future growth, the company stated. In Chile, Chevron supplies its Texaco and Chevron lubricants and greases to commercial and industrial markets, transportation markets and end consumers, through almost 150 distributors. Chevron-branded lubricants will continue to be handled through our third-party distributor.