- The US oil company Chevron today announced that its subsidiary Chevron Africa has agreed to sell 100 percent of its shareholdings in Chevron Kenya and Chevron Uganda to French oil giant Total. 165 service stations will change provider and brand.
"Under the terms of the sales, Total is to acquire Chevron’s marketing businesses in both countries," the US company announced today. Chevron Kenya and Chevron Uganda's assets include 165 Caltex-branded service stations, one terminal, seven fuel depots, six aviation facilities, one lubricants blending plant, and a commercial and industrial fuels business.
"These sales are part of our continuing effort to increase efficiency and improve returns by creating better alignment between our marketing and refining operations," said Shariq Yosufzai, President of Chevron's Global Marketing.
The transactions are subject to obtaining relevant regulatory approvals and are expected to close in the first half of 2009. No additional details of the agreement were disclosed, but it is known that Chevron has had plans to pull out of Kenya for at least one year, finding it difficult to find a buyer.
Total now emerges as the leading player on the Kenyan upstream oil market. Analysts hold the French company is now gaining control of some 35 percent of Kenyan oil industry assets. This, however, would be above the legal limit set by Kenyan regulatory bodies, which do not allow any single company to control more than 25 percent of the national petroleum market.
California-based Chevron has operated in Kenya since the 1930s, and for a long time was one of the market leaders in Africa at large. But the US company is now reported to pull out from all African markets except Egypt and South Africa.
afrol News - It is called "financial inclusion", and it is a key government policy in Rwanda. The goal is that, by 2020, 90 percent of the population is to have and actively use bank accounts. And in only four years, financial inclusion has doubled in Rwanda.
afrol News - The UN's humanitarian agencies now warn about a devastating famine in Sudan and especially in South Sudan, where the situation is said to be "imploding". Relief officials are appealing to donors to urgently fund life-saving activities in the two countries.
afrol News - Fear is spreading all over West Africa after the health ministry in Guinea confirmed the first Ebola outbreak in this part of Africa. According to official numbers, at least 86 are infected and 59 are dead as a result of this very contagious disease.
afrol News - It is already a crime being homosexual in Ethiopia, but parliament is now making sure the anti-gay laws will be applied in practical life. No pardoning of gays will be allowed in future, but activist fear this only is a signal of further repression being prepared.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
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