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Chevron to sell 75% of its South African unit

Market news
Market news

Oil major Chevron said it plans to sell 75% of its South African business unit.

The move includes a 110,000 barrel a day refinery in Cape Town.

The company is a leading refiner in petroleum products in the region, where it has had a presence for more than a century.

Mark Nelson, the company’s president for international products, said:”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 $15billion divestment program.”

As well as a refinery in Cape Town, the company also has a stake in a lubricants plant in Durban.

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