Sasol pulls out of Chevron assets sale

Oil refiner and marketer of petroleum products Chevron has said its process of disposing of its SA assets is ongoing, with Sasol having abandoned its earlier bid to purchase. Reasons for Sasol’s decision to pull out have not been given.

The assets have an estimated value of some $1 billion. The proposed disposal involves more than 800 filling stations operating under the Caltex brand. Moreover, Chevron plans to sell its Cape Town refinery and a Durban-based lubricants plant.

Total SA, Glencore and China Petroleum and Chemical Corporation have also expressed interest in acquiring the assets.

Pictured: John Watson, Chevron CEO