Chevron sells downstream assets in Pakistan

Chevron (Caltex) announced that it will sell its downstream assets in Pakistan which include refining, marketing and retail sales outlets. The company has an extensive network in Pakistan which consists of 538 petrol outlets. Among the key contenders for the acquisition of Chevron’s assets are Attock Petroleum (APL), Byco and Fauji Foundation’s Fauji Fertilisers (FFC). In 2010, Chevron announced that it would restructure its downstream businesses, which would reduce its workforce by 2,800 employees by the end of 2011. (March 27, 2012)