Glencore Puts Chad Oil Business Up For Sale Five Years After Purchasing It

Glencore has hoisted the “for sale” sign over the Chad-focused oil business it acquired five years ago as the miner and commodity trader looks to bolster a share buyback programme by selling non-core assets, The Irish Times reported. The London-listed group, run by Ivan Glasenberg, bought Caracal Energy for $1.6 billion (€1.4 billion) in 2014 as part of a plan to grow its African oil business and secure barrels for its muscular trading arm. However, the deal was completed just before oil prices peaked and Glencore was subsequently forced to take a series of impairment charges. Meanwhile, the idea of building an upstream oil business was quietly dropped. Separately, Norway’s sovereign wealth fund was given permission on Wednesday to dump billions of dollars worth of shares in fossil fuel producers, including a 2 per cent stake in Glencore. Read more