CHEVRON SALE, WORKERS MEET TOMORROW

The Petroleum and Natural Gas Senior Staff Association and its National Union of Petroleum and Natural Gas Workers, will meet on Tuesday to discuss Friday’s announcement that Chevron Oil Plc had been sold to a Panamanian company, Corlay Global S.A.

The Chairman, PENGASSAN, Chevron Branch, Mr. Mr. Clement Ofoegbu, who spoke with our correspondent on Sunday, said the sale was another gimmick being adopted by the United States corporation to deny workers of their benefits and severance package.

He said, “We heard the announcement on Friday that the company (Chevron Oil) had been sold to a Panamanian company, when we all know it is MRS Oil and Gas, but they will not go too far.

“The unions are going to meet on Tuesday to discuss the development, because of this Panama angle. That was the same thing the management did when the issue of the divestment came up, and suddenly Chevron Oil became a Bermuda company, rather than the one in San Ramon, California.

“No matter what excuse they come up with, they must pay us because we have worked for it, and to think that the announcement was made when the matter was still in court shows that some of the top management are ready to go to prison.”

Inquiries showed that Corlay Global S.A. is registered in Panama and is owned by an African-based consortium composed of MRS Holdings Limited, an indigenous oil marketing firm owned by business mogul, Sayyu Dantata, and Petroci Holdings.

The lack of information on Corlay, made analysts believe that it was merely a portfolio company set up purposefully for the buy out, which confirms workers fears that the transaction was all a rouse to deny them of their benefits.

Chevron Corporation announced that its subsidiary, Chevron Africa Holdings Limited has agreed to sell Chevron Nigeria Holdings Limited to Corlay Global S.A,

According to the corporation, “Chevron Nigeria Holdings is a Bermudan company that holds 60 per cent of the issued shares of Chevron Oil Nigeria PLC, a public listed operator and owner of downstream marketing assets in Nigeria.”