Petroleum Africa
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Tuesday, August 28, 2018
South Africa’s Competition Commission has given the green light to Glencore’s $900 million bid for Chevron’s southern Africa assets. The go ahead from the commission could leave China’s Sinopec, who was the first bidder for the assetsand also received approval from the commission, out in the cold.
Chevron agreed last year to sell its stake to state-owned Sinopec until Glencore and minority shareholders, who backed it and exercised preemptive rights on the sale, submitted a bid. The minority shareholders are what could give Glencore the edge.
At stake is a 75% share in Chevron’s South African subsidiary that runs a 100,000 bpd oil refinery in Cape Town, a lubricants plant in Durban and 820 petrol stations and other oil storage facilities.
The sale also includes Chevron’s 220 convenience stores across South Africa and Botswana.
While both deals have now been given the green light from the Competition Commission, they are subject to several conditions that include the preservation of jobs after the deal.
The deals will now go to the Competition Tribunal, which makes the final ruling on deals, to decide whether to accept the commission’s recommendations. The Tribunal has already approved Sinopec’s bid.
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