Glencore, Vitol Bid for Stake in Indeni Oil Refinery
Glencore Plc and Vitol SA are among companies submitting bids for a stake in the Indeni Petroleum Refinery.
Other bidders include China Petroleum Technology & Development Corp., Philia Trading Pte Ltd, Avic International Holding Corp.
The bid marks Glencore’s second effort to invest in a southern African refinery in less than six months. The company is seeking to buy Chevron Corp.’s South African unit, which includes a 110,000-barrel-a-day plant in Cape Town. China Petroleum & Chemical Corp. is also following a regulatory process to acquire the plant.
The plant needs about $800 million in upgrades.