Chevron looks to sell 75% stake in South African downstream business

Chevron is planning to sell 75% of its South African business, including a 110,000-bpd refinery in Cape Town, reports said on Friday.

Chevron is a leading refiner and marketer of oil products in South Africa, where it has had a presence for more than a century.

Chevron said the plan is in line with a three-year asset sales program announced by the company in 2014.

"This demonstrates Chevron's continuing focus on balancing our global portfolio with our long-term business priorities, and it is aligned with our previously announced $15 billion divestment program," said Mark Nelson, the company's president for international products

In addition to the Cape Town refinery, Chevron also has interests in the Durban lubricants plant on the country's East Coast.

Additionally, Chevron's network of Caltex service stations makes it one of South Africa's top five petroleum brands.