Chevron Corporation (NYSE:CVX) is set to expand its presence in the Philippines.

Chevron To Expand Philippines Footprint

Chevron Corporation (NYSE:CVX) said that it plans to invest more in Philippines, its largest Asian market, over the next five years.

The company will add 200 new retail stations in the country to market Caltex brand of fuel products and lubricants.

It will also add 500 new stations across Asia as part of its expansion plan.

Chevron Corporation (NYSE:CVX) Asia Pacific’s Sales and Marketing general manager Shahid Ahmed said, “We’re very much out there looking for new investors to partner with us to grow within the Philippines and we have a lot to offer. We have our lubricants business, our retail business and we also talk about the things we do to support the community we operate in. We’re looking for good investors who want to make good returns and who want to actually develop the community they operate in”.

Chevron Corp. (NYSE:CVX) shares were at 109.26 at the end of the last day’s trading. There’s been a 2.9% change in the stock price over the past 3 months.

Chevron Corp. (NYSE:CVX) Analyst Advice
Consensus Opinion: Moderate Buy
Mean recommendation: Error
(1=Strong Buy, 5=Strong Sell)
3 Months Ago: Error
Zack’s Rank: 1 out of 18 in the industry