Chevron Looks Upstream With Nigerian Divestment

Chevron Nigeria Holdings, a subsidiary of US major Chevron, has completed the sale of its retail assets in Nigeria (as well as Benin, Cameroon, Congo Brazzaville, Côte d'Ivoire and Togo) to Corlay Global. Corlay Global is a Panama-registered company owned by an African-based consortium composed of M.R.S. Holdings and Petroci Holdings. CFW expects the acquisition of Chevron's retail assets, branded under the Texaco logo, to transform M.R.S. and Petroci into leading players in the West African retail segment. Terms of the deal are yet to be disclosed.

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