Petroleum Africa
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Sunday, January 14, 2018
Reports out of South Africa have the government giving conditional approval to the Sinopec purchase of Chevron’s assets in the country. To gain this approval Sinopec had to commit to future investments in the country. It is also committed to upgrading the Cape Town refinery and to developing the fuel marketing business by introducing small and black-owned business as fuel retailers over the next five years.
The purchase would give Sinopec Chevron’s 75% stake in assets that include a 100,000 bpd oil refinery in Cape Town, a lubricants plant in Durban, 820 fueling stations and other oil storage facilities, and 220 convenience stores across South Africa and Botswana.
The deal was previously halted by Glencore in October with a bid after local shareholders, who hold the remaining 25%, exercised pre-emption rights following delays to the Sinopec deal.
A final decision from South Africa’s Competition Tribunal is reportedly expected in March or April.
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