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Terminal News

Glencore to acquire Chevron shares

Glencore plans to acquire shares in Chevron South Africa and Chevron Botswana to expand its oil business.

The company has entered an agreement with Off The Shelf Investments Fifty Six Proprietary (OTS) to acquire a 75% OTS has in Chevron SA and certain related interests and the entire issued share capital of Chevron Botswana.

The assets comprise the interests of the Chevron group in its manufacturing, retail and industrial supply business in South Africa and Botswana.

The assets include a refinery in Cape Town with a crude processing capacity of 100 kbd, a finished lubricants blend plant and base oil terminal in Durban, a network of coastal shipping, depots and pipelines with significant crude delivery and storage infrastructure at Saldanha Bay and Cape Town Harbour and the South African retail network.

Glencore says it believes the assets provide an attractive downstream opportunity for its oil business.

The transaction is expected to close in mid-2018.