Glencore might bid for Chevron’s local assets, sources say
Glencore is among companies considering bidding for Chevron’s South African assets, after a proposed sale to China Petroleum and Chemical Corp stalled when local partners said they would exercise a pre-emptive right, according to two people familiar with the matter. China Petroleum said in March it agreed to pay $900m for Chevron’s 75% stake in the assets, which include Chevron’s oil refinery in Cape Town and network of retail petrol outlets. The action by Chevron’s black economic empowerment partners, who own the remaining 25% of the assets, has re-opened the sales process, said the people, who asked not to be named because the information was not public. There was at least one other potential bidder in addition to Glencore, the people said. A Glencore spokesperson said the company did not comment on market speculation and a Chevron spokesperson declined to comment, citing a confidentiality agreement covering the sales process. Representatives from BEE partners African Legend Inves...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.