Vi­tol, Sinopec ‘fi­nal bid­ders’ for Chevron South Africa sale

China Daily (Hong Kong) - - BUSINESS - By BLOOMBERG

Vi­tol Group and China Pe­tro­leum & Chem­i­cal Corp, known as Sinopec, are the two fi­nal bid­ders com­pet­ing to buy Chevron Corp’s South African as­sets, which could be worth about $1 bil­lion, ac­cord­ing to peo­ple fa­mil­iar with the mat­ter.

French oil ma­jor To­tal SA and Swiss com­mod­ity trader Gun­vor Group Ltd have dropped out of the bid­ding, the peo­ple said, ask­ing not to be iden­ti­fied as the in­for­ma­tion is pri­vate. Chevron plans to make a de­ci­sion on the win­ner in the com­ing weeks, though the sale talks could still fal­ter, the peo­ple said.

US oil pro­ducer Chevron of­fered to sell a 75 per­cent per­cent stake in its South African unit ear­lier this year as part of a three-year di­vest­ment pro­gram an­nounced in 2014. The busi­ness in­cludes a 110,000- bar­rel-a-day re­fin­ery in Cape Town and a lubri­cants plant in the eastern port city of Dur­ban, as well as more than 800 Cal­tex ser­vice sta­tions. The sale may fetch about $1 bil­lion, peo­ple fa­mil­iar with the mat­ter said in March.

An­drea Sch­laepfer, a Lon­don-based spokes­woman for Vi­tol, the world’s big­gest in­de­pen­dent oil trader, de­clined to comment on the mat­ter. To­tal and Gun­vor also de­clined to comment. A rep­re­sen­ta­tive of Sinopec, de­clined to comment.

“The process ini­ti­ated by Chevron Global En­ergy Inc to so­licit ex­pres­sions of in­ter­est for its 75 per­cent share­hold­ing of Chevron South Africa Pro­pri­etary Limited is on­go­ing,” Braden Red­dall, a Chevron spokesman, said.

the stake Chevron Corp of­fered to sell of its South African as­sets

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