SAN RAMON, Calif.--(BUSINESS WIRE)--Mar. 20, 2009-- Chevron Corporation (NYSE:CVX) announced that its subsidiary, Chevron Africa Holdings Limited, has completed the sale of Chevron Nigeria Holdings Limited to Corlay Global S.A, a Panamanian company owned by an Africa-based consortium composed of MRS Holdings Limited and Petroci Holding. The sales agreement was first announced in September 2008 and closed based on an agreement in principle reached last week.

Chevron Nigeria Holdings Ltd. is a Bermudan company that held 60 percent of the issued shares of Chevron Oil Nigeria PLC, a publically listed operator and owner of downstream marketing assets in Nigeria.

Chevron’s upstream operations in Nigeria were not affected by the sale. No additional details of the transaction were disclosed.

Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business worldwide. The company’s success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

Source: Chevron Corporation

Chevron Corporation
Lloyd Avram, 925-413-5985
General Media Line, 925-842-0050