Chevron Seeks Buyers for 75% Stake in South African Unit

Chevron Corp. said it was considering selling its 75 percent stake in its South African unit.
Chevron has made a decision to solicit expressions of interest for the stake, a sale that would form part of a three-year asset divestment program announced in 2014, the San Ramon, California-based company said in an e-mailed statement on Thursday.
“This demonstrates Chevron’s continuing focus on balancing our global portfolio with our long-term business priorities,” Mark Nelson, Chevron’s president of international products, said in the statement.
Chevron’s South African unit operates a 110,000-barrel-a-day refinery in Cape Town, a lubricant plant in the eastern port city of Durban and markets its products through more than 845 Caltex filling stations, according to its website.