Petroleum Africa
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Tuesday, October 3, 2017
Although the deal between Chevron and Sinopec fell through for Chevron’s South African assets, a new possible suitor has been added to the list of firms that are interested in the US major’s businesses in South Africa including Glencore.
In Q1 the Chinese firm agreed to pay $900 million for Chevron’s 75% stake in the assets, which included its Cape Town refinery and a network of retail petrol stations. While the deal was seemingly done, Chevron’s local partners said they would exercise their preemptive rights causing the deal to stall and re-opened the sale process once again.
According to reports, Glencore is the latest firm to throw its hat in the ring to pick up the Chevron assets. Even though there has been ample speculation on Glencore’s interest, a company spokeswoman declined to comment on the potential deal.
Other firms who have expressed an interest in Chevron’s assets are Vitol Group, Total, and Gunvor Group Ltd.
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