Total, Glencore and Gunvor bidding for Chevron’s South African assets
Total, Glencore and Gunvor are bidding for a 75% stake in Chevron’s South African downstream assets, which include a refinery, three industry sources told Reuters on Tuesday. US oil major Chevron said in January it planned to sell 75% of its South African business unit, which includes a 110,000-barrels-a-day refinery in Cape Town. The second bidding round in which actual offers were made closed on September 30, the sources said, with a selling price estimated at $1bn expected for the assets in SA as well as neighbouring Botswana. "Total, Glencore and Gunvor have bid for the assets," said one industry source close to the matter. A second source with knowledge of the transaction said: "These companies comprise the front-runners for the bid. We might possibly get a (preferred bidder) decision by the first quarter of next year." French oil major Total, crude oil trader Gunvor and Glencore, a mining and trading company, declined to comment. Chevron spokesman Braden Reddall said in an ema...
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