Petroleum Africa
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Friday, July 1, 2016
Reports out of South Africa have the country considering the purchase of Chevron’s refinery in the country. The country’s Strategic Fuel Fund is said to have submitted an offer to buy the US firm’s refinery in Cape Town, its retail stations, and other assets.
Chevron said in January that it was considering selling off its stake in its unit in South Africa as part of its three-year divestment plan. The company has a 75% stake in the South African unit which controls downstream operations in the country.
Chevron operates a 110,000 bpd refinery in Cape Town and a lubricant plant in Durban, and markets its products through over 845 Caltex filling stations in the country.
The company is working with the Rothschild investment bank on the sale that could fetch around $1 billion, according to earlier reports.
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