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South Africa: Competition Tribunal approves US$900m Sinopec, Chevron deal

By  |  March 11, 2018

On Friday, March 9, South Africa’s Competition Tribunal approved, with conditions, China’s Sinopec Corp pursuit of Chevron’s South African assets, Reuters reported.

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    Sinopec was competing for the assets against commodities trader and miner Glencore, which swooped in last October with a US$973 million bid following delays to Sinopec’s original agreement.

    The transaction is subject to Sinopec investing 6 billion rand (US $380 million) over five years to develop a refinery in South Africa’s Western Cape, over and above Chevron’s current investment plans, the Tribunal said in a statement.

    As part of the deal, Sinopec will buy a 75% share in Chevron’s South African subsidiary that runs the 100,000 barrel per day refinery, a lubricants plant in Durban and 820 petrol stations and other oil storage facilities.
    Full Content: Reuters

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