Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Total, Glencore and Gunvor bidding for Chevron’s South African assets

    Total, Glencore and Gunvor bidding for Chevron’s South African assets

    October 25, 2016
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Chevron refinery, Cape Town.
    *Chevron refinery, Cape Town.

    25 October 2016, Cape Town — Total (TOTF.PA), Glencore (GLEN.L) and Gunvor GGL.UL are bidding for a 75 percent stake in Chevron’s (CVX.N) South African downstream assets, which include a refinery, three industry sources told Reuters on Tuesday.

    U.S. oil major Chevron said in January it planned to sell 75 percent of its South African business unit, which includes 110,000 barrels a day refinery in Cape Town.

    The second bidding round in which actual offers were made closed on Sept. 30, the sources said, with a selling price estimated at $1 billion expected for the assets in South Africa as well as neighbouring Botswana.

    “Total, Glencore and Gunvor have bid for the assets,” said one industry source close to the matter.

    A second source with knowledge of the transaction said: “These companies comprise the front-runners for the bid. We might possibly get a (preferred bidder) decision by the first quarter of next year.”

    French oil major Total, crude oil trader Gunvor and Glencore, a mining and trading company, declined to comment.

    Chevron spokesman Braden Reddall said in an emailed response that the bidding process was continuing and “as a matter of policy, we do not disclose details of commercial activities”.

    Financial advisor Rothschild & Co is helping Chevron on the sale, which has also seen interest from Sasol, the world’s largest gas-to-fuel producer, which said in July it was considering buying the majority stake.

    Chevron is a leading refiner and marketer of petroleum products in South Africa, the most industrialised country in Africa, where it has had a presence for more than a century.

    Besides the Cape Town refinery, Chevron also has interests in a lubricants plant in Durban on the east coast. Its network of Caltex service stations makes it one of South Africa’s top five petroleum brands, according to its website.

    *Wendell Roelf; Editing – James Macharia & Dale Hudson – Reuters

    Related News

    UK reaffirms support for Nigeria’s energy transition efforts

    AI to bolster oil recovery as Africa maximizes production at ageing fields

    OPEC head says oil demand will keep growing

    E-book
    Resilience Exhibition

    Latest News

    UK reaffirms support for Nigeria’s energy transition efforts

    June 11, 2025

    Oando appoints Ayotola Jagun as Executive Director

    June 11, 2025

    AI to bolster oil recovery as Africa maximizes production at ageing fields

    June 11, 2025

    ADNOC Gas takes FID and awards $5b contracts for RGD project

    June 11, 2025

    Amakpe Refinery Chairman sues financial firm, denies $1.46m debt claim

    June 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.