Glencore (OTCPK:GLCNF, OTCPK:GLNCY) agrees to acquire 75% stakes in Chevron’s (NYSE:CVX) assets in South Africa and Botswana for $973M, expanding its move into the downstream fuel business.
The assets include a 100K bbl/day refinery in Cape Town and more than 800 gasoline stations in the two countries.
The deal will add "volume and optionality" to Glencore’s oil and gas trading business, says Bernstein analyst Paul Gait.
This is Glencore's second major deal this week, after increasing its holding in Latin America’s largest zinc producer for as much as $956M.
Glencore ([[GLCNF]], [[GLNCY]]) agrees to acquire 75% stakes in Chevron’s (CVX) assets in South Africa and Botswana for $973M, expanding its move into the
Glencore OTCPK GLCNF OTCPK GLNCY agrees to acquire 75% stakes in Chevron’s NYSE:CVX assets in South Africa and Botswana for $973M expanding its move into the downstream fuel business The assets include a 100K bbl / day refinery in Cape Town and more than 800 gasoline stations in the two countries The deal will add volume and optionality to Glencore’s oil and gas trading business says Bernstein analyst Paul Gait This is Glencore's second major deal this week after increasing its holding in Latin America’s largest zinc producer for as much as $956M