South Africa: Total, Glencore, Gunvor bid for majority stake in Chevron’s downstream assets
The sale of 75 percent stake in Chevron’s South African business unit received interest from French oil giant Total, mining and trading firm Glencore, and crude oil trader Gunvor, reported Reuters.
The value of South African downstream assets on sale, which include a 110,000-barrels-a-day refinery in Cape Town and assets in neighbouring country Botswana, is estimated at $1 billion.
Total, Glencore, and Gunvor were reported to be the front-runners for the bid but no further details were disclosed.
Rothschild & Co advises Chevron on the sale.
Chevron, through its subsidiary Chevron South Africa (Pty) Limited, has been a leading refiner and marketer of petroleum products for more than a century, according to its website. It operates a network of more than 845 Caltex service stations, a refinery in Cape Town, and a lubricants plant in Durban.
