No 10 Sinopec acquires Chevron African assets

Sinopec (file photo)

Oil refiner China Petrochemical Corp, known as Sinopec, said it had nailed an agreement to buy a refinery and key assets of Chevron South Africa and Chevron Botswana for about $900 million, China Daily reported on March 23.

Sinopec said it has signed a sales and purchase agreement with Chevron Global Energy Inc to acquire its 75 percent stake in Chevron South Africa Proprietary Ltd and its 100 percent holding in Chevron Botswana Proprietary Ltd.

According to Sinopec, the acquired assets include Chevron's 100,000 barrels per day capacity Cape Town refinery, its lubricants manufacturing plant in Durban, a network of more than 820 service stations with 220 convenience stores across South Africa and Botswana, and storage tanks and oil depot distribution facilities.