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US oil major looks to dispose of 75 pct of South African business

Chevron is a leading refiner and marketer of petroleum products in South Africa, the most industrialised economy in Africa, where it has had a presence for more than a century.

A Chevron gas station sign is pictured at one of their retain gas stations in Cardiff, California October 9, 2013. REUTERS/Mike Blake

U.S. oil major Chevron said on Thursday it plans to sell 75 percent of its South African business unit which includes a 110,000 barrel a day refinery in Cape Town.

Chevron said its call for expression of interest was in line with a three-year asset sales programme it announced in 2014.

“This demonstrates Chevron's continuing focus on balancing our global portfolio with our long-term business priorities, and it is aligned with our previously announced $15 billion divestment program,” said Mark Nelson, the company's president for international products, in a statement.

Besides the Cape Town refinery, Chevron also has interests in a lubricants plant in Durban on the east coast. Its network of Caltex service stations makes it one of South Africa's top five petroleum brands, according to its website.

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Chevron has already disposed of several assets in Africa's top crude exporter Nigeria, as oil majors globally looked to cut costs and streamline business models in an over-supplied oil market and plunging prices.

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