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Three bidders for Chevron's South African assets

Staff Writer |
Total, Glencore and Gunvor are bidding for a 75 percent stake in Chevron's South African downstream assets, which include a refinery.

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U.S. oil major Chevron said in January it planned to sell 75 percent of its South African business unit, which includes a 110,000-barrels-a-day refinery in Cape Town, three industry sources told Reuters.

The second bidding round in which actual offers were made closed on Sept. 30, the sources said, with a selling price estimated at $1 billion expected for the assets in South Africa as well as neighbouring Botswana.

"Total, Glencore and Gunvor have bid for the assets," said one industry source close to the matter.

A second source with knowledge of the transaction said: "These companies comprise the front-runners for the bid. We might possibly get a (preferred bidder) decision by the first quarter of next year."

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