Chevron’s executive vice-president of Downstream and Chemicals Michael Wirth said in a statement that the divestment is aligned with its previously announced asset sales commitment and is part of its desire to regularly review its portfolio and generate cash to support long term priorities. “Chevron will continue to ensure a reliable, high-quality supply of product is available to Caltex to supply to its retail and reseller franchise network. Chevron is also committed to seeking long-term relationship opportunities with Caltex.” Caltex has a 109,000 b/d refinery at Lytton in Brisbane, which operated at 88.6% utilization last year. The company shut its 135,000 b/d refinery at Kurnell in Sydney in October 2014. The facility is currently being converted into an import terminal. The fall in crude prices resulted in a dramatic drop in Caltex’s profit to just A$20 million ($15.7 million) last year, down from A$530 million in 2013. Meanwhile, Chevron […]