Chevron sells additional Canada assets

Chevron late on Tuesday said it had reached an agreement with Parkland Fuel Corporation on the sale of Canadian assets, including the 57,000-bpd Burnaby refinery in British Colombia.

The deal, valued at USD 1.1 billion, comes mere days after reports surfaced that Chevron was mulling to offload its 20% non-operated working interest in Alberta’s Athabasca Oil Sands Project.

Tuesday’s announcement covers 129 fuel retail outlets, 37 Chevron Cardlock locations and three marine fuelling stations.

Canada has seen a host of high-profile divestments in recent weeks. In March, Shell reduced its shareholding in the Athabasca Oil Sands Project from 60% to 10% in a deal with Canadian Natural Resources.

Earlier that month, ConocoPhillips sold its 50% stake in the Foster Creek Christina Lake oil sands partnership, as well as most of its western Canada Deep Basin gas assets to Cenovus.

Chevron’s moves are part of an ongoing USD 10-billion divestment programme set in motion by CEO John Watson.