The managing director of Chevron Romania has sold his shares for USD 1mln to a group division

The managing director of Chevron Romania SRL, Cristian Caciulescu, has sold his shares in the automotive and industrial lubricants distributer for approximately USD 1.1mln, to a division of the U.S. group Chevron. Caciulescu sold 20% in Chevron Romania to Chevron Global Energy, registered in the U.S., which thus increased the stake from 25% to 45%. The remaining shares in Chevron Romania are controlled by Texaco Overseas Holding. Both Texaco Overseas Holding and Chevron Global Energy are part of the U.S. group Chevron, one of the largest oil producers in the world. Chevron group is present in Romania since 1999, when it started to sell Texaco lubricants. Chevron also has in Romania exploration operations of hydrocarbon blocks in Moldavia and on the Black Sea coast, carried out through another company. Chevron Romania ended 2011 with a turnover of RON 51mln and losses of RON 1.2mln, according to data from the Ministry of Finance.