Chevron has revealed plans to sell off 75% of its South African business unit in Cape Town. The company stated that its call for expression of interest was conforms to 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,” Mark Nelson, Chevron's president for international products said.

Chevron’s South African business unit includes a 110 000 bbl/d refinery. Besides the Cape Town refinery, it also has interests in a lubricants plant in Durban on the east coast.

According to Engineering news, the company is a principal refiner and marketer of petroleum products in South Africa, where it has had a presence for more than a century. Its network of Caltex service stations makes it one of the country’s top five petroleum brands.

Chevron has at present sold out more than a few of its assets in Nigeria, as oil firms globally cut costs and restructure business models due to the supply glut and plunging prices in the oil market.

Anita Fatunji