HONOLULU -- The sale of Chevron Corp.’s Hawaii retail and refinery operations is getting interest from firms from as far as the Philippines and South Korea, according to a report by Pacific Business News.
Negotiations are still ongoing, although Korea-based GS Energy has dropped out of the running, a source close to the situation told the newspaper.
Last September, San Ramon, Calif.-based Chevron announced that it was looking for a buyer for its Hawaii operation, which includes its West Oahu refinery and 60 gas stations.
Al Chee, spokesperson for Chevron Hawaii, told PBN that the solicitation process is continuing, but that there has not been any decision by the company to sell any or all of its assets.
“The process is to determine what we should do,” he told the paper. “No decision has been made either way.”
Others showing interest in buying Chevron’s Hawaii operation include members of the Delgado family of the Philippines, who have been in the petroleum industry since the 1940s, and Houston-based Par Petroleum Corp., which owns Hawaii Independent Energy (HIE), which operates the state’s largest refinery.
Houston-based Kayden Higgins, which recently hired former HIE CEO Bill Haywood as its president of refining operations, also has shown interest in buying Chevron’s Hawaii business, said the report.
Chevron owns and operates six retail locations in Hawaii out of the 60 Chevron-branded gas stations in the state.
Chevron has contracted Deutsche Bank to lead the process to determine the level of interest there might be for possible buyers.
A source previously told PBN that Chevron could fetch anywhere from $75 million to $300 million for its Hawaii operation.
Click here to view the full PBN report.
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