The sale of Chevron’s Italian business collapsed.

Chevron reported the collapse of the previously announced deal to sell its Italian oil refining and marketing businesses to an independent oil company owned by First Arabian. Chevron announced the expiration of the time limit that had been agreed to for completing arrangements for the sale and said that, as a result, it “no longer expects to conclude the transaction.” Chevron Oil Italiana has 780 employees and about 1,700 service stations.