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Fri, 06 Oct 2017 12:04 - Updated Fri, 06 Oct 2017 12:04

Glencore to buy Chevron South Africa stake, Chevron Botswana

Miner and commodities trader Glencore said it had agreed to buy a 75 percent stake in Chevron’s South Africa unit and all of Chevron Botswana for $973 million.

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The assets include Chevron’s interests in its manufacturing, retail and industrial supply business in South Africa and Botswana, Glencore said in a statement.

“Glencore believes that the assets provide an attractive downstream opportunity for its oil business,” it said.

The deal, which will include Glencore retaining Chevron’s local management team and workforce, will be funded using existing cash resources and is expected to close in mid-2018.

“Glencore intends to manage its overall oil asset portfolio to ensure that, including this transaction, net additional capital investment is limited to less than US$500m over the next 12 months,” it said. Reuters

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