Chevron Leaving Puerto Rico

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Chevron, the second-largest U.S. oil company, said it will exit the Puerto Rico market by selling nearly 200 Texaco gas stations on the U.S. island. The Texaco brand has been in the U.S. Caribbean territory since 1911, and it currently has 75 employees, according to the Associated Press.

California-based Chevron (CVX) said in 2010 it was looking sell some of its downstream assets in various Caribbean markets. Chevron sold its fuels marketing and aviation businesses in Barbados, Antigua and Martinique in 2010.

Press reports did not disclose how much Chevron was seeking for the 187 Puerto Rico gas stations nor were potential buyers disclosed. The restructuring is aimed at saving money and strengthening more lucrative markets, the AP reported.