Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, February 2, 2011

Engen buys Chevron's Mauritius ops, eyes expansion, (NYSE: CVX)

South African petroleum company Engen is looking to expand in Mauritius after it concluded an agreement on Tuesday to buy Chevron's (CVX.N) business in the Indian Ocean island, it said on Wednesday. Chevron's Mauritius operations include a network of 28 retail service stations, aviation fuelling facilities and lubricant sales. Jan Theys, Engen's board chairman, said there was scope for more petrol stations along new roads being built on the island. "We are going to look at opportunities to expand our network on the island. There is quite a lot of road development going on and we believe there is room for further expansion," Theys told a news conference.

Source