Sinopec to Acquire 75% Stake in Chevron’s Assets

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24 Mar 2017 21:57 Valerie Rose

CHEMMONITOR.COM – China Petroleum & Chemical Corporation (Sinopec) will buy a 75% stake in Chevron Corporation’s South African assets and its subsidiary in Botswana for about USD 1 billion. This move secures Sinopec’s first major refinery on the continent.

These assets comprise a 100,000-bpd oil refinery in Cape Town, a lubricant facility located in Durban, 820 petrol stations, oil storage facilities and 220 convenience stores in South Africa and Botswana.

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