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Glencore to buy Chevron's South African assets

Staff Writer |
Commodities trader and miner Glencore will buy Chevron's South African and Botswana assets after reaching a deal with local investors.

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The assets include a 100,000 barrel-per-day oil refinery in Cape Town, a lubricants plant in Durban as well as 820 petrol stations and other oil storage facilities.

It also includes 220 convenience stores across South Africa and Botswana.

Glencore said it had agreed to buy Chevron's 75 percent stake in its South African subsidiary and its Botswana interests for a combined $973 million.

The remaining 25 percent stake will stay with a consortium of Black Economic Empowerment shareholders and an employee trust.

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