Black Economic Empowerment consortium, Off the Shelf (OTS) Investments concluded its acquisition of a further 75 percent of Chevron South Africa (CSA) on Friday.
The $1 billion deal, financed by its technical and financial advisor, Glencore, was signed in London on 27 September, giving immediate effect to the change in ownership.
Following the acquisition, OTS now owns a 98 percent stake in the company, with the remaining 2 percent held by its employees. Additionally, the company has full ownership of the firm’s entire downstream business in Botswana.
CSA, which owns the Caltex brand will change its name to Astron Energy, and retain the use of the Caltex retail brand for six years as it transitions to its new branding.
OTS Chairperson Mashudu Ramano told Independent Online that: “The birth of Astron Energy is a significant milestone in the transformation and localization of the energy sector.”
“I am confident that the management team has the requisite depth of experience to ensure a smooth transition of the business and management of the integrated supply chain, including the Cape Town refinery. We commit to continuing to deliver the quality fuels and lubricants our customers have come to expect,” he added.