Chevron to jettison stake in Australian refiner with energy prices in tailspin

Chevron plans to sell its 50 per cent stake in the Australian oil refiner Caltex Australia Ltd. as energy prices continue to slide.

The California energy company says that the Asia Pacific region remains a core strategic focus and that the announcement Friday does not change its commitment to its massive Gorgon and Wheatstone liquefied natural gas projects there.