ChevronTexaco Petroleum Company is selling its 15 company-owned Texaco service stations in Colombia to Combustibles de Colombia, S.A, an investment group and service station retailer.
As part of this sale, Combustibles de Colombia has signed a long-term supply agreement with ChevronTexaco Petroleum Company to retain the Texaco brand at these locations and work closely with ChevronTexaco Petroleum Company to develop additional growth opportunities.
This agreement is part of ChevronTexaco Global Downstream’s strategy to improve returns by focusing on areas of market and supply strength. The agreement is also in line with the company’s strategic direction to enhance and manage three world-class brands — Chevron, Texaco and Caltex. This includes building long-term relationships with high quality retailers that will represent and continue to grow the Texaco brand in Colombia.
“This new relationship with Combustibles de Colombia will allow us to concentrate our resources and capital investments on strengthening our retailer network, building on our strong Commercial and Industrial businesses, and maintaining our leading position in lubricants,” said Shariq Yosufzai, President of ChevronTexaco Global Marketing. “Our customers in Colombia will continue to receive the same high quality fuel products they have come to expect from filling up at a Texaco-branded site.”
Optimizing the portfolio is a key goal for Global Marketing, which will focus its investment in strategic markets through world-class capital stewardship skills. Network planning and market prioritization processes are guiding decisions on where ChevronTexaco markets and grows its brands.
Murdok | Breaking eBusiness News
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