Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Chevron Corporation (NYSE:CVX) is one of Louis Navellier’s top long-term stock picks. On May 14, Chevron Corp reached an agreement to sell several Asia Pacific refining and retail assets to Japan’s Eneos. The company is poised to generate $2.17 billion from the divestment as it continues to streamline its international portfolio.

Chevron Corporation (CVX) Poised for $2.17B Boost from Asia Pacific Asset Sale

Some of the assets the company is offloading include downstream fuels and lubricants marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam, and Indonesia. The divestment is poised to close next year. Eneos is to acquire retail assets as it widens its operations overseas and strengthens its presence in Singapore, Asia’s oil trading and supply hub.

Chevron has been in the market to divest refining and storage assets to streamline its operations and reduce costs. Earlier in the year, the US energy giant had already sold its Hong Kong retail stations for $270 million.

Chevron Corporation is a leading global integrated energy company that explores for, produces, and transports crude oil and natural gas; refines, markets, and distributes transportation fuels and lubricants; and manufactures petrochemicals. They are focused on delivering traditional energy while investing in lower-carbon solutions.

READ NEXT: Billionaire Steve Cohen’s 10 Large-Cap Stock Picks with Highest Upside Potential and 12 Best Uranium Stocks to Buy According to Wall Street Analysts.

Follow Insider Monkey on Google News.