Caltex Australia Limited
(ASX:CTX) has entered a conditional agreement to sell its Sydney-based bitumen business to Puma Energy.
Caltex says the terms of the agreement are confidential, and subject to a number of conditions being met, including approval from the Foreign Investment Review Board.
Caltex Australia managing director Julian Segal said bitumen was no longer deemed a core business going forward.
Mr Segal said the decision makes operational and financial sense.
Caltex delivered a net profit of $195 million in the first half of fiscal 2013.
