Chevron to end Texaco NASCAR sponsorship

HOUSTON (Reuters) - Chevron Corp said on Tuesday it would drop its Texaco NASCAR sponsorship after the 2008 season, ending a 20-year relationship between the oil major and the U.S. auto racing league.

Instead, Chevron said it would pursue new marketing strategies for its Texaco and Havoline brands, with a focus on local and regional marketing programs.

Most recently, Texaco sponsored Chip Ganassi Racing with Felix Sabates (CGRFS) and past high-profile winning drivers of its Texaco/Havoline cars included Davey Allison, Ernie Irvan and Ricky Rudd.

"Despite the success of our partnership, we understand that priorities change and wish Chevron the best in implementing its new marketing initiatives," said Chip Ganassi, owner, CGRFS.

While many major U.S. sports saw television ratings slip, the National Association for Stock Car Auto Racing (NASCAR) was hurt more than other leagues last year by spiking gasoline prices since a large number of its 75 million fans drive long distances to attend the weekend-long events.

A Chevron spokesman would not elaborate on the company's marketing plans for the Texaco and Havoline brands.

(Reporting by Anna Driver; Editing by Andre Grenon and Carol Bishopric)