Chevron has said it will sell its 50% interest in oil-refiner and fuel-seller Caltex Australia.

The Australian company has a market value of 10.22 billion Australian dollars, indicating Chevron could raise around A$5 billion from the sale.

The biggest U.S. oil producer by output behind Exxon Mobil Corp. said it entered an underwriting agreement to sell its Caltex Australia shares to what it expects to be a range of institutional investors.

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