Chevron Corp. recently completed an initial round of bidding on its Burnaby, British Columbia, refinery. The refinery, located east of Vancouver, can process 52,000 barrels of oil a day. Chevron said its expression of interest process is focused on the potential sale of refining and marketing assets in British Columbia, excluding Chevron Canada Ltd.’s lubricants business.
Tesoro Corp. is also reported as being among the bidders. The refinery and associated retail gasoline stations are being offered together, making it potentially more attractive for Tesoro, which has a retail arm. Reuters previously reported that Chevron had retained Goldman Sachs to sell the plant. Chevron is currently divesting several smaller refineries that are not seen as core assets.