Sinopec to Buy Chevron's South Africa Assets for $900 Million
March 22 2017 - 7:10AM
Dow Jones News
By Brian Spegele
BEIJING-- China Petroleum & Chemical Corp. said it plans to
buy a controlling stake in Chevron Corp.'s South Africa assets for
roughly $900 million, as the state-owned refining giant looks to
spread its global reach.
The Chinese company also known as Sinopec said in a statement
that the deal for a 75% stake in Chevron's South Africa business
includes a 100,000 barrel-a-day refinery in Cape Town, a lubricants
plant in Durban and a network of more than 820 gas stations.
Chevron couldn't immediately be reached for comment. Sinopec
said the deal had already been filed to China's government for
regulatory review.
Sinopec said it would retain Chevron's Caltex brand name for the
retail fuel stations for at least five years before launching a
rebranding strategy.
Write to Brian Spegele at brian.spegele@wsj.com
(END) Dow Jones Newswires
March 22, 2017 06:55 ET (10:55 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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