However, the tribunal has added new BEE and trade conditions
Swiss-based Glencore has made a bid of nearly $1-billion for Chevron SA's assets, including its oil refinery in Cape Town. Picture: REUTERS/MIKE HUTCHINGS
The assets, in which Glencore will acquire a 75% stake, span SA and Botswana and include a 110,000 barrel per day refinery, a lubricants plant, 820 petrol stations, and oil storage facilities. Earlier this month, the Competition Commission recommended that the tribunal conditionally approve Glencore’s acquisition of the Chevron assets after it found the deal was unlikely to hinder competition in the sector.
Another condition, as lobbied for by the economic development minister, is that Glencore “use reasonable endeavours to promote the export and sale of SA manufactured products through the service station network being built up by the Glencore group in Brazil, Mexico and Zimbabwe”, the tribunal said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Matjila was ‘desperate’ to have R4.3bn Ayo deal approvedOn Monday, former PIC executive Paul Magula testified at the PIC commission of inquiry about Dan Matjila’s involvement in the dodgy investment in Ayo Technology Solutions.
Read more »
Spotify lodges EU complaint against Apple over unfair music competition
Read more »
Deal, no deal or delay: How will UK parliament decide on Brexit?If lawmakers reject a no-deal exit, the government will hold a vote on Thursday to ask parliament whether Brexit should be delayed.
Read more »
Newsdeck: Ramaphosa approves SIU probes into NHLS and City of Johannesburg contractPresident Cyril Ramaphosa's drive to investigate allegations of corruption involving state owned entities and companies doing business with government continues, with the signing of two new proclamations authorising the Special Investigating Unit (SIU) to probe maladministration at the National Health Laboratory Service (NHLS), as well as a vehicle tender issued by the City of Johannesburg.
Read more »
Ramaphosa approves SIU probes into NHLS and City of Johannesburg contract
Read more »
IMF approves $4.2bn loan for EcuadorThe multi-billion three-year deal will support Ecuador's economic reform program.
Read more »
Sudan lawmakers approve 6-month state of emergency | IOL NewsSudan's Parliament says lawmakers have approved a state of emergency across the county, but shortened an initial proposal to six months.
Read more »