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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.

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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