Petroleum Africa
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Tuesday, May 22, 2018
The deal between Chevron and Sinopec for the US firm’s assets in southern African could be nearing an upset. According to a Bloomberg report, Glencore is near a $1 billion deal with Chevron to buy those assets.
Chevron agreed last year to sell its 75% stake in the southern African business to China’s Sinopec, but the deal stalled after black-owned minority partners backed by Glencore exercised a pre-emptive right on the stake.
The assets include a 100,000 bpd refinery in Cape Town and more than 800 gas stations in South Africa and neighboring Botswana.
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