Sinopec to buy Chevron’s South Africa assets
SEE ALSO :Actis to build Sh11 billion warehousesIn October, the minority shareholders in Chevron’s South African subsidiary exercised pre-emption rights following delays to the Sinopec deal and brought in Glencore, which placed a $937 million bid. At stake is a 75 percent share in Chevron’s South African subsidiary that runs a 100,000-barrels-per-day oil refinery in Cape Town, a lubricants plant in Durban and 820 petrol stations and other oil storage facilities.
PRE-EMPTIVE RIGHTSThe sale also includes 220 convenience stores across South Africa and Botswana. A Glencore spokesman said there was “no change to the position of Glencore or Off The Shelf Investments Fifty Six (OTS, the minority shareholders) relating to the proposed acquisition... Good progress is being made in satisfying OTS’ conditions to complete the transaction.” A final decision from South Africa’s Competition Tribunal is expected in March or April, a Beijing-based source with direct knowledge of the matter said. “Sinopec was thrown into confusion after local shareholders exercised pre-emptive rights ... but then the company was advised by the government to proceed with regulatory procedures,” the source said.