Glencore acquisition of Chevron assets on track
Resources giant expects to own Chevron refinery and distribution assets by end-June
Glencore expects to finalise its acquisition of Chevron SA's assets by the end of June 2019, the diversified natural resource company said on Wednesday. “We are going through the process there and expect it to be concluded in the first half of the year,” said Glencore’s SA-born CEO, Ivan Glasenberg. He said he foresaw no issues in finalising the transaction, and it was not possible for Chevron SA, which has been renamed Astron Energy, to back out of the deal either. Glencore lent Chevron SA’s empowerment partner, Off The Shelf Investments 56, $1bn to acquire a 75% stake in the company on condition that the stake was transferred to Glencore. The assets include a 110,000 barrel-a-day refinery, a lubricants plant, 820 petrol stations and oil storage facilities.
Off The Shelf’s acquisition was approved by the Competition Tribunal in September 2018. But in a report the Competition Commission said Glencore’s later acquisition of the stake would also require approval from the competi...