The transaction depends on regulatory approval and aims to increase the strategic value of the Chevron lubricants business in Brazil

Chevron Brasil Lubrificantes Ltda, trader of the brands Texaco®, Havoline® and Ursa®, today signed an agreement with Ipiranga, a subsidiary of Ultra, to create a joint venture for the production and sale of lubricants, greases and fluids for radiators in Brazil . The agreement is based on Chevron Lubrificantes' continued interest in delivering performance-enhancing products and services to its customers and enhancing the strategic value of its business in the country.

The operation will be submitted to the prior approval of the Administrative Council for Economic Defense (CADE). Both companies will keep their operations completely separate until approval. Upon completion of the process, Chevron will have a strong position in the joint venture.

"Chevron Brasil Lubrificantes and Ipiranga share a long-term vision of the excellent growth potential of the lubricant business in this important market," said Colleen Cervantes, President of Chevron Lubrificantes. "Our combined assets, complementary sales channels, extensive market coverage and leading industrial technology products will deliver exceptional value and performance to our customers and authorized distributors in Brazil."

Chevron Brasil Lubrificantes sells lubricants, greases and radiator fluids with the Texaco® brand through a network of authorized distributors and also directly to commercial and industrial customers. Our Havoline® and Ursa® lubricants are recognized as the leading brands in the market. The company owns and operates a plant in Rio de Janeiro that produces 1 million barrels of lubricating oils per year and a plant in São Paulo that produces 15,000 tons of industrial greases a year and 35,000 barrels of radiator fluids for the Brazilian market.