Chevron seeks buyers for 75% stake in SA unit | Fin24
 
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Chevron seeks buyers for 75% stake in SA unit

Jan 26 2016 14:28
Paul Vecchiatto and David Wethe

Cape Town - Chevron said it was considering selling its 75% stake in its South African unit.

Chevron has made a decision to solicit expressions of interest for the stake, a sale that would form part of a three- year asset divestment programme announced in 2014, the San Ramon, California-based company said in an emailed statement.

“This demonstrates Chevron’s continuing focus on balancing our global portfolio with our long-term business priorities,” Mark Nelson, Chevron’s president of international products, said in the statement.

Chevron’s South African unit operates a 110 000-barrel-a- day refinery in Cape Town, a lubricant plant in the eastern port city of Durban and markets its products through more than 845 Caltex filling stations, according to its website.

Laura Sweeney, a company spokesperson, declined to give a time frame for the asset sale or to say which companies have expressed interest.


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