November 17, 2017

Sasol mulling over acquisition of Chevron South Africa’s assets

Just after Strategic Fuel Fund, which is owned by the Government of South Africa, announced its interest in acquiring Chevron South Africa’s assets, which include a refinery and filling station, Sasol, a fuel producer, has revealed that it is “assessing the opportunity” of making a bid too.

In a measured response, Sasol spokesman, Alex Anderson, said: “Sasol is working with Chevron and advisers in this regard.”

As part of its divestment programme announced in 2014, Chevron is selling 75% of its stake in its South African subsidiary. The American fuel giant is doing away with non-core operations worldwide so that to focus in establishments in countries where it has production facilities.

Analysts contacted by African Mining Brief online estimate that Chevron’s assets have a price tag of about $1bn.

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