Chevron to Sell African Assets

Chevron to Sell African Assets

Total, Glencore and Gunvor are bidding for a 75% stake in Chevron’s South African downstream assets, which include a 110,000b/d refinery in Cape Town, Reuters reported.

The second bidding round in which actual offers were made closed late September, with a selling price estimated at $1b expected for the assets in South Africa as well as neighboring Botswana. French oil major Total, crude oil trader Gunvor and Glencore, a mining and trading company are the front-runners for the bid. A decision on the preferred bidder is expected to conclude during the first quarter to 2017, according to Energy Voice.

U.S. oil major Chevron announced its intention to sell these assets in January. Financial advisor Rothschild & Co is helping the company on the sale, which has also seen interest from Sasol, the world’s largest gas-to-fuel producer. Besides the Cape Town refinery, Chevron also has interests in a lubricants plant in Durban on the east coast. Its network of Caltex service stations makes it one of South Africa’s top five petroleum brands.


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