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Cape Town - The Chevron international oil company will hold on to
its Cape Town refinery, according to a New York presentation to
financial analysts on Wednesday.
Chevron said that its withdrawal from 14 countries (including eight in
Africa) because of difficult trading conditions is complete, and
operating expenditure has been cut by $400m. In the process the group
is shedding 1 500 workers. Overall costs were sliced by 19% or
$2.2bn last year, says Mike Wirth, Chevron's executive vice-president
for global fuel distribution.
Its operations in South Africa - the Chevron refinery in Milnerton as
well as a countrywide network of Caltex filling stations - are being
retained, together with operations in North America, Asia, Australia
and Britain as part of its strategic portfolio.
It was previously rumoured that Chevron might withdraw from South
Africa because of pressure on refinery margins and especially because
of the strong competition anticipated from the massive refinery (which
will deliver 400 000 barrels a day) that the state-controlled oil
company PetroSA plans to build at Coega in the Eastern Cape in line
with government's plan for fuel security.
BP has previously expressed criticism of PetroSA's plans, while
Petronas-controlled Engen has indicated that opportunities for
collaboration with PetroSA might be considered.
- Sake24.com
For business news in Afrikaans, go to Sake24.com.