Glencore to buy Caltex after Chinese deal fails

Tuesday, October 10, 2017

The Caltex business will now be bought by the Swiss-based Gaborone

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.

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.

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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.