Chevron is reportedly moving closer to selling its refinery and retail gasoline stations in Hawaii by the end of the third quarter.
A source close to the matter told Pacific Business News that the majority of bids exceeded Chevron’s minimum asking price and that a deal was likely to close by the third quarter.
Chevron began gauging buyer interest in September for its Kapolei refinery as well as transportation, retail and terminal assets.
The company tapped Deutsche Bank to identify potential buyers for its 54,000 bpd Kapolei refinery, a pipeline that connects that refinery to a terminal in Honolulu and five terminals located throughout the Hawaiian Islands.
Chevron also owns and operates six retail gasoline locations in Hawaii.
The asking prices for the assets have not been disclosed.
The Kapolei refinery, located in Oahu, is one of Chevron’s smallest refineries.
The refinery started production in 1961 and currently employees about 200 people.
Chevron has been indicting for years that the refinery underperforms compared to the company’s other assets and has considered closing it.
“It’s going to be a long process [and] we are still in our process of determining what level of interest we have by outside parties. Nothing to confirm or deny. We are still working through the parties [that have shown] interest,” the unnamed source told Pacific Business News.
