A PYMNTS Company

China: Oil giant Sinopec buys 75% of Chevron’s South African assets

By  |  March 23, 2017

Hong Kong-listed China Petroleum & Chemical, a subsidiary of Chinese state-owned oil, gas and petrochemical producer Sinopec, has agreed to pay $900m for 75% of Chevron’s South African assets, the company said on Wednesday.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    This is Sinopec’s first investment in an oil refinery in Africa although it has been active on the continent for more than 20 years, mainly in oil and gas exploration.

    Last year, Chevron had stated its intention to unload 75% interests in its South Africa assets as part of its three-year divestment goals announced in 2014. In Oct 2016, many energy firms like France’s integrated oil and gas major TOTAL, Switzerland- based diversified resource company Glencore and Russian oil trader Gunvor Group had put in bids to snap up stakes in Chevron’s South Africa business. However, Sinopec was selected due to the better terms and conditions it offered.

    Full Content: Wall Street Journal

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.