| NEW YORK
NEW YORK Oct 18 Chevron Corp completed
an initial round of bidding on its Burnaby, British Columbia,
refinery late last week, three people familiar with the process
said on Tuesday.
The refinery, located east of Vancouver, can process 52,000
barrels of oil a day. It does not process bitumen, the heavy,
tar-like substance extracted from Canada's oil sands, and so it
might be less attractive to Canadian producers, the people said.
Chevron said its "expression of interest process" is focused
on the potential sale of refining and marketing assets in
British Columbia, excluding Chevron Canada Ltd's lubricants
Tesoro Corp is among the bidders, the people said.
The refinery and associated retail gasoline stations are being
offered together, making it potentially more attractive for
Tesoro, which has a retail arm.
A spokeswoman for Tesoro declined to comment, saying the
company constantly reviews its portfolio.
Par Pacific Holdings, based in Houston, which was seen as a
possible contender for the plant, is not pursuing the refinery,
according to one of the people.
Reuters previously reported that Chevron had retained
Goldman Sachs to sell the plant. Chevron is currently divesting
several smaller refineries that are not seen as core
Chevron is expected to close on a sale of its Kapolei,
Hawaii, refinery to One Rock Capital Partners on Nov. 1,
according to two of the people. Chevron is also seeking a buyer
for a refinery in South Africa.
(Reporting by Jessica Resnick-Ault; Editing by Leslie Adler)