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Friday, September 19, 2014

Chevron taps Deutsche Bank to find buyers for Hawaiian refinery - source, (NYSE: DB)

Chevron Corp has hired an investment bank to identify possible buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said. Deutsche Bank AG was retained to sell the plant, according to another person familiar with the sale, who was not authorized to speak on the matter publicly. Deustsche Bank declined to comment."After much consideration, Chevron's downstream and chemical leadership has decided to engage an investment banking firm to identify potential parties interested in the purchase of our assets in Hawaii. No decision has been made at this time other than to determine the level of interest of potential buyers," Chevron spokesman Braden Reddall said on Friday.The Hawaiian facility is among the company's smallest refineries.The search for a buyer was previously reported by Bloomberg.

Deutsche Bank AG is a global investment bank. The Company offers a variety of investment, financial and related products and services to private individuals, corporate entities and institutional clients around the world. Shares of DB traded higher by 0.78% or $0.28/share to $36.06. In the past year, the shares have traded as low as $32.52 and as high as $51.99. On average, 1879350 shares of DB exchange hands on a given day and today's volume is recorded at 2139717.