SINGAPORE - Chevron Corporation is offloading its petrol stations in New Zealand NZ$785 million (S$755.35 million) as part of a broader global divestment plan in the face of weaker oil prices.

The US energy giant said Tuesday that its wholly-owned subsidiary Chevron South Asia Holdings Inc. signed an agreement on June 1, 2015, to sell its shares in Chevron New Zealand to Z Energy Limited.

Chevron also sold a 50 per cent stake in Caltex Australia in March and last week divested an 11 per cent stake in New Zealand Refining Co.

Said Mark Nelson, Chevron's president for international products, downstream and chemicals: "The transaction demonstrates Chevron's continuing focus on balancing our global portfolio with our long-term business priorities, and it is aligned with our previously announced US$15 billion divestment program, which has been very successful."

Nelson added: "Asia-Pacific remains a core strategic focus for Chevron's Downstream business and we are focused on ensuring our operations, portfolio and investments are well-positioned to meet the region's growing demand for energy."

The deal, which is subject to closing conditions including regulatory approvals, is targeted for completion before the end of the year.

Z Energy will add Chevron's 146 Caltex retail outlets to its existing 210 sites, which were acquired in 2010 when the company took over assets from Royal Dutch Shell.