KARACHI: Chevron has signed an agreement to sell Chevron Pakistan Limited, the entity which holds the Chevron retail, commercial and industrial sales, and aviation fuels businesses and is a shareholder in the PAPCO pipeline, to Total Parco Pakistan Limited.

This agreement, which is subject to court and regulatory approval, is expected to be completed by first half of 2014. Chevron will retain its lubricant business in Pakistan.

The company has hundreds of retail outlets in the country which operate under the brand name of Caltex.

One of the Caltex pump owners said that Chevron on Aug 9 informed him that the company’s goal is to achieve a smooth transition of ownership of the business from Chevron to Total Parco Pakistan Limited.

The company would continue updating on additional changes as they become available.

However, Chevron has also asked the pump owners to contact the company regarding any questions concerning this announcement.

Sources said that Chevron may have sold out its retail business to Total Parco between $150-200 million.