Now Chevron moves to sell Namibian unit to Puma Energy
Energy group Chevron confirmed on Tuesday that it had entered into an initial sales agreement with Puma Energy for its shareholding in Chevron Namibia, excluding the lubricants business, which would continue to be represented by an independent distributor.
The deal would not affect Chevron’s operations in South Africa, Botswana and Swaziland and no value was ascribed to the possible transaction, which was still subject to regulatory and governmental approvals.
The deal follows on from Puma Energy’s recent acquisition of BP’s fuels marketing businesses in Namibia, Botswana, Zambia, Malawi and Tanzania. The sale of the final business in Tanzania was completed on September 1.
Chevron South Africa chairperson James Seutloadi insisted that the group remained committed to South Africa, where it would continue to market its brands and supply its business partners.
“In South Africa, Chevron is focused on optimising its businesses to increase profitability and deliver stronger competitive performance and return on investment.”
The Namibia deal reflected Chevron’s global strategy to “run a less complex and more highly focused downstream organisation”.
In a separate deal, Puma Energy paid BP a total of $296-million in cash for all of its interests in BP Namibia and BP Botswana. The consideration also included a 75% interest in BP Zambia and 50% stakes in BP Malawi and BP Tanzania.
The sale did not include BP’s refining and marketing businesses in South Africa and Mozambique.
Refining and marketing CEO Iain Conn said BP remained committed to developing and pursuing the significant growth potential of the remaining Southern African businesses.
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