N'DJAMENA, June 16 Chad has selected Glencore
to finance its purchase of Chevron's $1.3
billion oil assets, the oil ministry said in a statement, as the
commodities trader deepens its ties with the central African
The U.S. oil major said on Friday it had sold its stake in
an oil concession and pipeline system in southern Chad, known as
the Doba Project, to the government to focus instead on its top
investment priority in Texas shale oil.
"For the financing, the Republic of Chad, after having
sought the support of several lenders and studied their offers,
has decided to retain Glencore Energy UK Ltd," the oil ministry
said in a statement dated June 13.
It said the loan, backed by crude oil exports, will be
repaid over a period of four years.
Glencore declined immediate comment on the deal.
The Doba project includes a 25 percent in the Doba oil
concession as well as minority stakes in two companies in a
pipeline project linking Chad to the Atlantic coast via
ExxonMobil and Petronas are also stakeholders in
The Financial Times reported that Deutsche Bank, Natixis and
Credit Agricole as well as regional development lenders were
also participating in the Glencore deal.
Top commodities trader Glencore has been expanding in the
poor, landlocked country since 2012 when it agreed to invest
more than $300 million in oilfields and signed a deal to export
crude oil from 2013.
In April, it agreed to buy Chad-focused oil company Caracal
Energy for about 800 million pounds ($1.34 billion).
Chad produces around 105,000 barrels of oil per day,
according to the U.S. Energy Information Administration, with
output in decline due to maturing fields.
($1 = 0.5956 British Pounds)
(Reporting by Madjiasra Nako; Writing by Emma Farge, editing by