The 50% stake in the Australian oil-refining business is expected to be sold to a broad range of Australian and global equity market institutional investors.
Caltex owns an oil refinery in Brisbane, Australia as well as operates about 1,800 gas stations across the country, reports the Wall Street Journal.
Chevron Downstream and Chemicals executive vice president Michael Wirth said: "This transaction reflects Chevron’s commitment to regularly review our portfolio and generate cash to support our long-term priorities. It is aligned with our previously announced asset sales commitment.
"We appreciate the strong performance of Caltex Australia over the many years we’ve been a shareholder, and look forward to a mutually beneficial supply and brand relationship for many years to come."
Chevron Downstream and Chemicals International Products president Mark Nelson said: "Asia Pacific is a core strategic focus for Chevron’s Downstream business and we remain focused on ensuring our operations, portfolio and investments are well-positioned to meet the region’s growing demand for energy."
Chevron will move ahead with its plan to commission the Gorgon and Wheatstone liquefied natural gas (LNG) projects and this transaction will not impact its schedule.
