KARACHI, Nov 21: The Board of Attock Petroleum Limited (APL) has decided to conduct due diligence in as it looks toward the possibility of buying Chevron's downstream fuel assets in Pakistan and Egypt.

"The decision to participate in the proposed acquisition or not and other formalities, terms and conditions will be finalized subject to satisfactory completion of due diligence and Board of Director's approval" the company stated in a notice released at the Karachi Stock Exchange early Wednesday.

An oil sector analyst said that Chevron Pakistan Limited (formerly Caltex Oil Pakistan Limited) is a part of Chevron Corporation, one of the leaders in the global integrated energy business. Chevron is headquartered in San Ramon California.

Following the merger of its parent companies - Chevron and Texaco - in 2001 and subsequent change of the parent company’s name from Chevron Texaco to Chevron in 2005, Caltex Oil Pakistan Limited was renamed as Chevron Pakistan Limited in 2006.

The company has operated in the sub-continent since 1938. It is presently engaged in the Fuels, Lubricants, CNG and LPG business in Pakistan. The company is marketing its products and services under the Caltex master brand.

Chevron Corporation was believed to be mulling sale of downstream assets in Egypt, Pakistan and Australia, since March this year. Downstream assets consist of refining, marketing and retail sales outlets.

The news was greeted at the Karachi stock exchange on Wednesday with lukewarm investor interest. Some activity was witnessed in the Attock group companies but the expensive Attock Petroleum stock itself rose by just 1 per cent or Rs5.89 to Rs504.56 on a negligible turnover of 12,700 shares.