Chevron USA Inc. reached an agreement last week with Island Energy Services to sell its assets in Hawaii.
According to a report by Khon2News, the sale includes the 58,000 barrel-per-day refinery in Kapolei, interests in a network of 58 retail service stations, four product distribution terminals on Oahu, Maui, Kauai and Hawaii Island; pipeline systems and other related downstream assets statewide.
Financial terms of the transaction were not disclosed. The agreement, which is subject to customary regulatory approvals, is expected to be completed during the second half of 2016.
Island Energy Services, part of a New York-based One Rock Capital Partners, was formed specifically for purchasing the Chevron Hawaii assets. It is headquartered in Hawaii, Khon2News reported.
Chevron’s asset sales program plans for $5 billion-$10 billion in divestments through the end of 2017.
Under the Island Energy Services’ ownership, the stations are set to be rebranded under the Texaco banner. The gas is expected to remain the same—with the Techron additive currently used by Chevron.