Mmegi Online :: Glencore to buy Caltex after Chinese deal fails
Banners
Banners
Banners
Banners
Last Updated
Wednesday 18 October 2017, 06:00 am.
Banners
Glencore to buy Caltex after Chinese deal fails

Mining and commodity trading giant, Glencore has leaped in to replace Chinese oil company, Sinopec as the buyer of Chevron’s assets in Botswana and South Africa.
By Brian Benza Tue 10 Oct 2017, 18:00 pm (GMT +2)
Mmegi Online :: Glencore to buy Caltex after Chinese deal fails








Chevron operates in Botswana using the Caltex brand name in the retail market operated by a company called Fuel in Motion while its commercial business is run through Kwa Nokeng Oil.

In its statement on Friday, Glencore said it had agreed to buy Chevron’s 75% stake in its South African subsidiary and its Botswana interests for a combined $973 million. The remaining 25% stake will stay with a consortium of Black Economic Empowerment shareholders and an employee trust.

In March this year, Chevron announced that it had agreed to the sale of its assets to China’s largest refiner Sinopec, for nearly $970 million. Glencore stepped in after local shareholders exercised pre-emption rights following delays to the Sinopec deal.

Chevron, which has had a presence in Africa for more than a century, announced plans to offload its South African and Botswana assets in January 2016.

The assets to be bought include CSA’s Cape Town Refinery, which has a refining capacity of 100,000 barrels per day, its lubricants manufacturing plant in Durban, a network of over 820 service stations, with 220 convenience stores, across South Africa and Botswana.

The deal with Sinopec had already been granted regulatory approval in

Banners

Botswana.

At the time when the Sinopec deal was announced managing director of Fuel in Motion Botswana, Imran Sardar told Mmegi Business that the share sale was not expected to have a significant impact on the Botswana business.

“We see the takeover having very little or no impact on our business as a branded marketer for Chevron,” he said. Caltex is estimated to hold about 15% of Botswana’s retail petroleum market.

Kwa Nokeng Oil managing director, Dickson Nyepi said at the time, they expected no impact on their business from the sale as the company has evolved over the years from being an exclusive commercial fuels and lubricants distributor for Chevron to being more independent.

“With foresight following announcement by Chevron to sell its majority shares in Botswana and SA, Kwa Nokeng management decided to diversify its sources of fuels and lubricants supply.

“Today, Kwa Nokeng Oil is sourcing its fuels indirectly through a number of the local oil majors.  Kwa Nokeng Oil is also able to import its fuel requirements independently to supply its customer base.

“The anticipated sale of Chevron Botswana doesn’t have any foreseen impact on Kwa Nokeng Oil operations,” said Nyepi.

Banners
Banners
Banners


Business
Tue 10 Oct 2017, 18:00 pm
Tue 10 Oct 2017, 15:12 pm
Tue 10 Oct 2017, 15:06 pm
Tue 10 Oct 2017, 15:03 pm
Fri 06 Oct 2017, 18:00 pm
Fri 06 Oct 2017, 12:23 pm
Fri 06 Oct 2017, 12:23 pm
Fri 06 Oct 2017, 12:21 pm
Thu 05 Oct 2017, 19:30 pm
Thu 05 Oct 2017, 18:06 pm
Wed 04 Oct 2017, 18:00 pm
Wed 04 Oct 2017, 17:09 pm
Wed 04 Oct 2017, 17:00 pm
Fri 29 Sep 2017, 18:00 pm
Fri 29 Sep 2017, 10:33 am
Fri 29 Sep 2017, 10:32 am
Fri 29 Sep 2017, 10:31 am
Fri 29 Sep 2017, 10:30 am
Thu 28 Sep 2017, 18:00 pm
Thu 28 Sep 2017, 09:38 am
Wed 27 Sep 2017, 18:00 pm
Wed 27 Sep 2017, 14:26 pm
Wed 27 Sep 2017, 14:24 pm
Tue 26 Sep 2017, 18:00 pm
Tue 26 Sep 2017, 15:37 pm
Banners
Banners
Exchange Rates
FOREIGN EXCHANGE: Wednesday, 18 Oct 2017
FOREIGN / PULA
PULA / FOREIGN
1 USD = Pula   10.2775
1 GBP = Pula   13.5501
1 EUR = Pula   12.0919
1 YEN = Pula   0.0915
1 ZAR = Pula   0.7659
1 Pula = USD   0.0973
1 Pula = GBP   0.0738
1 Pula = EUR   0.0827
1 Pula = YEN   10.93
1 Pula = ZAR   1.3056
have a story? Send us a Tip
Banners
  • Previous
    The Snowman
    Next
    Masa Centre
    ::: Thursday 13 Oct - Thursday 19 Oct :::
    The Snowman
    Unlocked
    Blade Runner 2049
    Kingsman: The Golden Circle
    The LEGO Ninjago Movie
  • Previous
    The Snowman
    Next
    Riverwalk
    ::: Thursday 13 Oct - Thursday 19 Oct :::
    The Snowman
    Blade Runner 2049
    Kingsman: The Golden Circle
    The Emoji Movie
  • Previous
    Unlocked
    Next
    Gamecity
    ::: Thursday 13 Oct - Thursday 19 Oct :::
    Unlocked
    The Snowman
    Blade Runner 2049
    My Little Pony: The Movie
    Kingsman: The Golden Circle
    IT
Selefu
BDP Recruitment Drive
Banners
Banners
istanbul escort