Corporate News

Chevron Corp. announces plan to divest 75% stake in South African unit

South Africa's Strategic Fuel Fund bids on Chevron stake in Cape Town refinery
By Discott [CC BY-SA 3.0], via Wikimedia Commons

San Ramon, Calif., U.S.A.-based Chevron Corp. said it is considering selling its 75% stake in its South African unit. Chevron has made a decision to solicit expressions of interest for the stake, a sale that would form part of a three-year asset divestment program that was announced two years ago.

“This demonstrates Chevron’s continuing focus on balancing our global portfolio with our long-term business priorities,” Mark Nelson, Chevron’s president of international products, said.

Chevron South Africa operates a 110,000-barrel-per-day (bpd) refinery in Cape Town and a lubricant blending plant in the eastern port city of Durban. Chevron South Africa markets its products through more than 845 Caltex-branded service stations.

Chevron Corp. is the second-largest integrated energy company headquartered in the United States and among the largest corporations in the world, based on market capitalization as of Dec. 31, 2014. In 2014, Chevron’s average net production was 2.571 million oil-equivalent bpd, with about 74% of that production outside the United States. Chevron had a global refining capacity of 1.9 million bpd at the end of 2014. Its marketing network supports retail outlets on five continents.

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