Glencore helped finance Chad's acquisition of Chevron assets

|About: Glencore Plc (GLCNF)|By:, SA News Editor

Glencore (GLCNF, GLNCY) helped finance Chad's $1.3B acquisition of Chevron's (CVX) oil assets in the African country, according to a statement by Chad's government.

A $1.25B four-year loan for Glencore, secured against future oil exports, deepens the company's position in Chad, where it last year agreed a deal to export the landlocked nation's crude.

CVX said Friday it had sold its share of seven oil fields in Chad's southern Doba region and an export pipeline to the government; the project is operated by Exxon Mobil (XOM).