South Africa: Chevron sells assets to Sinopec

Chevron has signed a $900m agreement with China Petroleum & Chemical Corporation (Sinopec) for the sale of its shares and related interests in Chevron South Africa and Chevron Botswana. Chevron South Africa’s assets include the 100,000 b/d Cape Town oil refinery, a lubricants plant in Durban, 820 petrol stations and oil storage facilities. Under the terms of the transaction, Sinopec will acquire 75% in Chevron South Africa, with the remaining 25% continuing to be held by a group of local shareholders in accordance with South African regulations.