Glencore to acquire shareholdings in Chevron South Africa and Chevron Botswana

Glencore is set to acquire: a 75% stake in Chevron South Africa Proprietary Limited and the entire issued share capital of Chevron Botswana Proprietary Limited from Off The Shelf Investments Fifty Six Proprietary Limited (OTS) for $973m.

During the acquisition process Glencore will be supporting OTS as their technical and financial partner.

The assets comprise the interests of the Chevron group in its manufacturing, retail and industrial supply business in South Africa and Botswana. The acquisition will include undertakings to retention of the local management team and workforce.

Glencore intends to manage its overall oil asset portfolio to ensure that, including this transaction, net additional capital investment is limited to less than US$500m over the next 12 months, consistent with Glencore’s conservative financial framework targets.

For more information visit www.glencore.com

10th Oct 2017