South Africa’s state-owned  Strategic Fuel Fund (SFF) announced on Wednesday it had offered to buy Chevron’s 110,000 barrel a day refinery in Cape Town, its fuel stations in the country and other downstream assets in neighboring countries.

The US oil major company, which started selling-down its assets in Africa in 2014 in a three-year asset sale program,said in January it planned to sell  75 percent of its South African business unit, which it estimated could fetch about $1 billion, Reuters reported.

Chevron is a leading refiner and marketer of petroleum products in South Africa, the most industrialized economy in Africa, where it has had a presence for more than a century.

Apart from the Cape Town-based refinery, the company also owns a lubricant plant in the eastern port city of Durban and markets its Caltex-branded products through more than 845 filling stations, Bloomberg reported.

It claims on its website to be one of the top five petroleum brands in South Africa, where it has had a presence for more than a century.

Chevron has already disposed of some assets in Nigeria, Africa’s top crude exporter, as oil companies globally look to cut costs and streamline business, Reuters reported in January.

In February, Puma energy, a global fuel distributor owned by Angola’s state oil company Sonangol Holdings and Netherlands-based global commodity traders Trafigura, said it was looking to buy storage capacity in Southern Africa, triggering speculation it could be eyeing Chevron’s assets in the region.

Puma Energy has grown fast in Africa in recent years, increasing its footprint on the continent from five countries five years ago to 19 this year, but its foothold is still small in South Africa.