Chevron has entered into a share purchase agreement with CPL ASEAN Investments, an affiliate of Citadel Pacific, for the sale of its Cambodian assets, a company spokesperson told this news service.

“The transaction is structured as a share sale and will include Chevron Cambodia’s retail fuels and convenience store businesses at more than 100 Caltex service stations, commercial and industrial fuels, and the Sihanoukville Terminal,” he said.

Citadel Pacific is a Philippines-headquartered holding company owned by the local Delgado family. It owns businesses spanning telecoms, petroleum, retail, petroleum and gas distribution, commercial, and industrial property, in-flight catering, and manpower services.

According to a source familiar with the situation, the deal will be transacted for less than USD 100m. The American oil major will likely complete the sale before the end of June, the source said.

Completion is subject to customary regulatory approvals and is expected to occur following a transition period, the spokesperson said.

“Chevron regularly reviews its global portfolio, which can result in the sale of assets. We are committed to supporting our Chevron Cambodia employees through the transition,” said the spokesperson.

JP Morgan is advising the sale, initially run in tandem with a Hong Kong asset sale.

In February, Chevron signed a share purchase agreement for an outright sale of its Hong Kong business for USD 270m with Thailand’s Bangchak. The valuation implied a roughly 6x EV/EBITDA multiple, a source familiar said.

The Cambodian deal will mark the Texas-headquartered energy firm’s latest exit in Asia Pacific, as it seeks to offload downstream operations in a region considered non-core.

Earlier this month, Chevron secured Japan’s Eneos for a sale of its downstream fuel and lubricant marketing businesses in Singapore, Malaysia, the Philippines, Australia, Vietnam, and Indonesia for USD 2.2bn.

Chevron Cambodia markets automotive fuels and products under the Caltex brand at 53 service stations and operates 17 convenience stores and 46 cafés, according to Chevron’s website. It operates a fuel import and distribution terminal in the country’s Preah Sihanouk province.

JP Morgan did not respond to a request for comment.