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Energy Economy

Friday
30 Jul 2021

Chevron Sets up Energy Transition Unit, Names Company Insider As Head

30 Jul 2021  by Reuters   

Chevron Corp (CVX.N) on Thursday announced the creation of a new unit to manage the second largest U.S. oil producer's low-carbon investments, with an initial focus on alternative energy sources like hydrogen and technologies including carbon capture.

The logo of Chevron Corp is seen in its booth at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai/File Photo

Company insider Jeff Gustavson will head the 'New Energies' unit from August 2. The company said it will provide more details on the unit in a presentation on Sept. 14.

The new unit is being set up as oil majors across the globe race to reposition themselves as leaders of a shift away from oil, thanks to mounting pressure from investors and environmentalists.

"We believe the dedication of resources in a new organization will accelerate growth in multiple business lines that we expect to be part of a lower carbon energy system," Chevron Chief Executive Officer Mike Wirth said.

Gustavson, 49, is currently vice president of North America upstream oil exploration business and oversees the mid-continent unit, the company said.

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