Attock Petroleum eyes Chevron’s assets in Pakistan and Egypt

The Board of Attock Petroleum Limited (APL) is conducting due diligence as it looks at the possibility of buying Chevron’s downstream assets in Pakistan and Egypt.
“The decision to participate in the proposed acquisition or not and other formalities, terms and conditions will be finalized subject to satisfactory completion of due diligence and Board of Director’s approval,” the company said in statement.
Following the merger of its parent companies – Chevron and Texaco – in 2001 and subsequent change of the parent company’s name from ChevronTexaco to Chevron in 2005, Caltex Oil Pakistan Limited was renamed as Chevron Pakistan Limited in 2006. The company has operated in the sub-continent since 1938. It is presently engaged in the fuels, lubricants, CNG and LPG business in Pakistan. The company markets its products and services under the Caltex brand.
Chevron was believed to be considering the sale of its downstream assets in Egypt, Pakistan and Australia, since March.