PETROCHEMICALS: Chevron Gets Thinner
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Cape Town-based Chevron, through three of its subsidiaries, has entered into initial sale agreements with Engen for its shareholdings in its companies in Malawi, Zimbabwe, Zambia, Tanzania, Mauritius and Reunion, as well as its assets in Mozambique. The deal reflects Chevron’s global strategy to run a less complex and more highly focused Downstream organisation. The sales are expected to close once regulatory and government approvals have been received.
This deal does not affect Chevron’s operations in South Africa, Botswana, Namibia and Swaziland.
James Seutloadi, Chairman of Chevron South Africa, said: “Chevron remains committed to South Africa and we will continue to market our brands and supply our business partners with the products and services they have come to expect from us.
“Chevron’s continued presence in South Africa is consistent with our Downstream strategy of improving base business returns and growing selectively, with a focus on integrated value creation. In South Africa, Chevron is focused on optimising its businesses to increase profitability and deliver stronger competitive performance and return on investment,” Seutloadi said.
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