The agreement includes the acquisition of Chevron’s fuels, automotive & industrial lubricants and aviation activities in Spain

With this transaction CEPSA will acquire 62 service stations in the Canary Islands, thus becoming a new player in the retail marketing activity on the entire archipelago

Compañía Española de Petróleos, S.A. (CEPSA) announced that it has reached an agreement whereby it will acquire 100% of the share capital of Chevron España. S.A. The completion of the transaction is subject to receiving the required regulatory approvals and clearance.

The acquisition comprises 62 service stations operating under the Texaco brand on the Canary Islands; a storage plant in the Port of Las Palmas, Gran Canaria; Chevron España’s aviation fuels marketing activity and its automotive and industrial lubricants business in Spain, including a lube blending and bottling plant in the Valencia area.

Chevron España’s workforce amounts to 135 employees.