The Competition Tribunal has granted the Competition Commission a 15 working day extension to consult interested parties to a proposed merger between Off the Shelf 56 (OTS) and Chevron South Africa (CSA).
OTS, which already owns 25% of CSA, is seeking to acquire the remaining 75% interest in CSA and 100% of Chevron Botswana for $973-million.
Diversified miner Glencore is supporting OTS as its technical and financial partner for the acquisition.
Oil company China Petroleum and Chemical Corporation (Sinopec) has made a competing offer to acquire CSA for $900-million. The tribunal has already given its approval for Sinopec’s proposed buyout of the assets.
Sinopec has also committed to investing R6-billion to upgrade and modernise CSA’s Cape Town oil refinery if it succeeds in acquiring control of CSA.