Chevron sale plan

The late ticker
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The Independent Online
Chevron said it may sell its UK refining and service-station businesses after talks about merging the operations with those of Elf Aquitaine collapsed.

Chevron owns 479 service stations and three distribution terminals. It has agreed to sell to Texaco its 30 per cent interest in a refining unit in South Wales. The agreement involves closing the Gulf Oil refinery in Milford Haven with a capacity of 110,000 barrels a day.