Off The Shelf Investments (OTS) has acquired Chevron’s downstream assets in South Africa for $973m.

The deal has been funded by Glencore and approved by the Competition Tribunal of South Africa.

OTS held a 23% stake in Chevron South Africa (CSA) before the transaction. It now holds a 98% stake in CSA, while the remaining 2% is held by employees.

The transaction also involves the acquisition of Chevron Botswana and a 100,000bbl/d refinery in Cape Town, a lubricants facility in Durban, and 850 service stations and storage plants.

CSA will be renamed as Astron Energy following the acquisition. OTS will invest R6bn ($500m) towards the development of the Cape Town refinery.

“The transaction aims to strengthen MPC’s business and improve its shareholder value.”

OTS is an investment company and Glencore’s Black Economic Empowerment (BEE) partner, while Chevron South Africa is a leading supplier of petroleum products.

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Husky Energy has announced plans to acquire MEG Energy for C$6.4bn ($4.95bn).

The transaction includes a cash consideration of C$3.3bn ($2.55bn) and assumption of C$3.1bn ($2.4bn) of MEG Energy’s net debt.

MEG shareholders will be offered a choice to receive either C$11 ($8.52) in cash or 0.485 Husky share for each MEG share held, as part of the transaction.

The acquisition is expected to strengthen the combined entity’s business.

Husky Energy is an integrated energy company, while MEG Energy is an oil sands producer. Both entities are based in Canada.

Marathon Petroleum (MPC) has completed the acquisition of Andeavor for $23.3bn.

The transaction resulted in the formation of a new integrated energy company having an initial enterprise value of approximately $90bn.

MPC shareholders own 66% of the new combined company, while the remaining 34% is held by Andeavor shareholders.

Both based in the US, MPC is a petroleum refining, marketing and transportation company, while Andeavor is an integrated marketing, logistics and refining company.

The transaction aims to strengthen MPC’s business and improve its shareholder value.