The value of the deal concluded on October 23 was disclosed in the 2012 report of Tan Oil, which sold the shares to Chevron. Previously, neither of the parties would reveal the sum paid for the shares.
As reported, in line with the terms of the deal, the US company has an option to acquire the remaining shares in LL Investicijos in future.
Tan Oil said in its report that it acquired 100 percent of shares in LL Investicijos on August 1, 2012. On October 23, it sold 50 percent of that company’s shares as it sought to develop core activities, i.e. oil exploration and production.
Chevron is the second-largest US energy company and the third-biggest in the world. The company plays an important role in US shale gas production and is currently exploring possibilities for producing shale gas in Canada, Poland, and Romania.
