BRANDED MARKETERS
‘Mini black oil firms’ stand up to Sinopec
The branded marketers are concerned about the costs and consequences of rebranding their filling stations from Caltex to Sinopec
Chevron’s branded marketers took aim at Chinese oil giant Sinopec at the Competition Tribunal on Thursday, accusing Sinopec of failing to engage with the marketers on its plans for Chevron SA, which Sinopec has agreed to buy for $900m. The 10 marketers, who are black-controlled "mini oil companies" that account for 60% of the volume of fuel sold by Chevron SA under its Caltex brand, said "other parties" had engaged with them extensively — suggesting they have been in talks with the BEE consortium led by Mashudu Ramano which owns 25% of Chevron SA. The consortium is exercising its pre-emptive right to buy the rest of Chevron SA, backed by Glencore. The commission has recommended the Sinopec bid for Chevron SA be approved with a series of public interest conditions, which were negotiated between Sinopec and Economic Development Minister Ebrahim Patel. However, even assuming the tribunal approves the deal, it would still go ahead only if the rival Ramano/Glencore bids were withdrawn or...
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