The Public Investment Corporation (PIC) could emerge as a 50% partner alongside Glencore in a joint bid for Chevron SA’s $900m worth of assets, which include a refinery and a network of 800 Caltex service stations in two countries. While a bid by Chinese energy giant Sinopec for Chevron SA has already been approved by the competition authorities, Glencore and the PIC are to exercise a preemptive right held by Chevron’s empowerment partner, Off the Shelf, headed by Mashudu Ramano. The PIC, which manages almost R2-trillion of the government pension and other funds, is a large empowerment player in the economy with a mandate that includes a commitment to economic transformation. The refinery is a 100,000-barrel-a-day plant in Cape Town and the petrol stations are located in SA and Botswana. In response to questions the PIC said on Monday that it had not made an investment decision on the transaction, but did not confirm or deny that it was looking into it. In 2017 Chevron SA agreed to ...

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