France’s oil major Total SA (
In January of this year, Chevron said it was
According to Reuters sources, the second bidding round for Chevron’s South African downstream business ended on September 30. The selling price is put at US$1 billion for the business in South Africa and neighboring Botswana.
Total, Glencore and Gunvor are some of the frontrunners for the bid.
“We might possibly get a (preferred bidder) decision by the first quarter of next year,” one source said, as quoted by Reuters.
Chevron, on the other hand, said in an email to Reuters via spokesman Braden Reddall that the bidding was still ongoing, and that the company’s policy is not to announce details of “commercial activities”.
In June of this year, South Africa’s state-held Strategic Fuel Fund (SFF)
It’s not only downstream businesses that the U.S. major is seeking to offload. In a bid to raise cash with the oil price rout, Chevron is also poised to divest upstream assets in Asia
However, the U.S. company’s strategy is not only about selling assets. Chevron approved in July a
By Tsvetana Paraskova for Oilprice.com
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