Glencore and PIC in Bid for Chevron Assets

Thursday, June 7, 2018

Glencore and South Africa’s Public Investment Corp. (PIC) could become 50/50 partners if the potential deal to buy Chevron’s southern African assets moves forward. The deal is worth an estimated $1 billion.

PIC handles South African state worker pensions and is the continent’s largest money manager.

The Chevron assets to be acquired include a refinery with a capacity of 100,000 bpd and more than 800 retail stations in South Africa and Botswana.

The US major has already entered into a deal with China’s Sinopec, but the deal stalled when black-owned minority partners exercised a pre-emptive right on the stake.

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