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HONOLULU — Chevron Corp. is considering selling its Hawaii assets after doing business in the state for more than a century, according to a KHON2 report.
A company spokesman confirmed that Chevron is working with an investment business to determine whether there is a potential buyer. No decision has been made, according to the spokesman, but the company is examining its options.
Chevron's Hawaii assets include its refinery at Campbell Industrial Park, a storage terminal, 61 service stations and pipelines. It has operated within the state for 125 years.
This potential exit comes just weeks after Aloha Petroleum Ltd. selected New York-based Macquarie Capital to help it review strategic alternatives, including selling the company, as CSNews Online previously reported. Aloha's other options include strategic joint ventures or partnerships, the sale of a portion or all of the company's stock, and continuing to operate the company as it currently exists.
Although Honolulu-based Aloha is the largest independent gasoline marketer and one of the largest c-store operators in Hawaii, it is reportedly finding limited growth opportunities for its core business in the state.