Chevron is close to selling its Italian operations.

Chevron said it is close to concluding the sale to First Arabian Corp., which is largely controlled by Saudi Arabian and Kuwaiti businessmen. In San Francisco, Chevron said a basic agreement has been reached with First Arabian on the sale of its Chevron Oil Italiana interests in two refineries, a lube oil blending plant and about 1,700 service stations in Italy. Terms of the sale, which would involve some 780 Chevron Oil Italiana employees, were not disclosed. Separately, Chevron said it has asked the FTC to approve the divestiture of 51% of Gulf’s 57% interest in the West Texas Gulf Pipeline to three other co-owners of the pipeline.