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Chevron Corporation 2012 Annual Report 47
stan over a 40-year period. At December 31, 2012, the
company’s carrying value of its investment in TCO was about
$170 higher than the amount of underlying equity in TCO’s
net assets. is dierence results from Chevron acquiring
aportion of its interest in TCO at a value greater than the
underlying book value for that portion of TCO’s net assets.
See Note 6, on page 41, for summarized nancial
informa tion for 100 percent of TCO.
Petropiar Chevron has a 30 percent interest in Petropiar, a
joint stock company formed in 2008 to operate the Hamaca
heavy-oil production and upgrading project. e project,
located in Venezuela’s Orinoco Belt, has a 25-year contract
term. Prior to the formation of Petropiar, Chevron had a 30
percent interest in the Hamaca project. At December 31, 2012,
the company’s carrying value of its investment in Petropiar was
approximately $180 less than the amount of underlying equity
in Petropiar’s net assets. e dierence represents the excess of
Chevron’s underlying equity in Petropiar’s net assets over the
net book value of the assets contributed to the venture.
Caspian Pipeline Consortium Chevron has a 15 percent
interest in the Caspian Pipeline Consortium, a variable
interest entity, which provides the critical export route for
crude oil from both TCO and Karachaganak. e company
joined the consortium in 1997 and has investments and
advances totaling $1,187 which includes long-term loans of
$1,179 at year-end 2012. e loans were provided to fund
30 percent of the initial pipeline construction. e company
is not the primary beneciary of the consortium because it
does not direct activities of the consortium and only receives
its proportionate share of the nancial returns.
Petroboscan Chevron has a 39 percent interest in Petro-
boscan, a joint stock company formed in 2006 to operate the
BoscanField in Venezuela until 2026. Chevron previously
operated the eld under an operating service agreement. At
December 31, 2012, the company’s carrying value of its
investment in Petroboscan was approximately $200 higher
Note 11 Investments and Advances – Continued
than the amount of underlying equity in Petroboscan’s net
assets. e dierence reects the excess of the net book value
of the assets contributed by Chevron over its underlying
equity in Petroboscan’s net assets.
Angola LNG Ltd. Chevron has a 36 percent interest in
Angola LNG Ltd., which will process and liquefy natural gas
produced in Angola for delivery to international markets.
GS Caltex Corporation Chevron owns 50 percent of GS
Caltex Corporation, a joint venture with GS Holdings. e
joint venture imports, renes and markets petroleum prod-
ucts and petrochemicals, predominantly in South Korea.
Chevron Phillips Chemical Company LLC Chevron owns
50 percent of Chevron Phillips Chemical Company LLC.
e other half is owned by Phillips 66.
Star Petroleum Rening Company Ltd. Chevron has a
64 percent ownership interest in Star Petroleum Rening
Company Ltd. (SPRC), which owns the Star Renery in
ailand. PTT Public Company Limited owns the remain-
ing 36 percent of SPRC. Due to a change in control eective
June 2012, SPRC is consolidated in Chevron’s Consolidated
Financial Statements.
Caltex Australia Ltd. Chevron has a 50 percent equity
owner ship interest in Caltex Australia Ltd. (CAL). e
remaining 50 percent of CAL is publicly owned. At
December 31, 2012, the fair value of Chevron’s share
ofCAL common stock was $2,690.
Other Information “Sales and other operating revenues”
on the Consolidated Statement of Income includes $17,356,
$20,164 and $13,672 with affiliated companies for 2012, 2011
and 2010, respectively. “Purchased crude oil and products”
includes $6,634, $7,489 and $5,559 with affiliated companies
for 2012, 2011 and 2010, respectively.
“Accounts and notes receivable” on the Consolidated
Balance Sheet includes $1,207 and $1,968 due from affiliated
companies at December 31, 2012 and 2011, respectively.
“Accounts payable” includes $407 and $519 due to affiliated
companies at December 31, 2012 and 2011, respectively.