US oil giant Chevron to divest 75 percent of South African business

By mahlokoane percy ngwato

US oil company Chevron has announced that it is planning to sell 75 percent of its South African business unit including a refinery in Cape Town with a daily output of 110,000 barrrels.

Chevron said its call for expression of interest was in line with a three-year asset sales programme it announced in 2014. In addition to the Cape Town refinery, Chevron also has interests in a lubricants plant in Durban as well as its own network of Caltex service stations.

Mark Nelson, the company's president for international products, issued a statement which said: “This demonstrates Chevron's continuing focus on balancing our global portfolio with our long-term business priorities, and it is aligned with our previously announced $15 billion divestment program.”

Chevron has already disposed of several assets in Africa's top crude exporter Nigeria, as oil majors globally looked to cut costs and streamline business models in an over-supplied oil market and plunging prices.

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SOURCE: [REUTERS

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