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Sinopec acquires its first refinery in Africa from Chevron

by ChemOrbis Editorial Team -
  • 23/03/2017 (15:41)
According to Reuters, China’s Sinopec will complete the acquisition of a 75% stake in Chevron Corp.’s South African assets and its subsidiary in Botswana for $1 billion, after it is approved by officials.

Among the assets the company will acquire are 100,000 barrels/day refinery in Cape Town, a lubricant plant in Durban, 820 petrol stations and other oil storage facilities.

According to South African regulations, the remaining 25% stake will be held by a group of local shareholders.
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