OVERVIEW
Oil and gas Chevron deal means investment for Cape refinery.
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outh Africa’s Competition Tribunal ruled in 2018 favour of a South African group acquiring the majority share of Chevron SA. Off the Shelf Investments 56 becomes the first majority black-owned oil company in South Africa. Among the conditions imposed by the tribunal are that R6-billion must be invested in the Western Cape refinery and that jobs must be preserved. A Hong Kong-based company had earlier been given the green light by the tribunal but Off the Shelf, as an empowerment partner of Chevron SA (and resources giant Glencore), had right of first refusal. In addition to the 110 000 barrel a day refinery, Chevron controls 820 petrol stations, oil storage facilities and a lubricants plant. The Western Cape Provincial Government reported that in 2016 the oil and gas sector contributed R1.03-billion to the province’s gross value add. More than 7 000 direct jobs were created in ship and rig repair sector of the oil and gas business in 2015. The oil and gas sector is a priority sector and as such, falls under Project Khulisa. This entails logging detailed plans with progress reports going WESTERN CAPE BUSINESS 2019
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SECTOR INSIGHT R500-million has been spent on infrastructure at Saldanha Bay. to the Premier on a regular basis. The Saldanha Bay Industrial Development Zone is central to the plan to grow the oil and gas sectors. Large industrial operations already exist at Saldanha and the Port of Saldanha Bay is the portal for the export of South Africa’s iron ore. The Western Cape Provincial Government and the National Department of Trade and Industry have so far invested R500-million
