Chevron to Sell Off Facilities in Bahamas
Chevron Corp. said it will sell an unused refinery and an operating shipping and storage facility in the Bahamas to Venezuela’s state-owned oil company.
No terms were disclosed for the mostly cash deal with Petroleos de Venezuela, which owns the Citgo oil company. The deal must be approved by the governments of the Bahamas and Venezuela.
The 500,000-barrel-per-day refinery was shut in 1985, but storage facilities for 20 million barrels and marine facilities that can accomodate ships carrying up to 500,000 tons have been used almost continuously since the entire facility was opened by Chevron in 1970.
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