Petroleum Africa
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Thursday, March 23, 2017
Both Sinopec and Chevron have confirmed that the Chinese firm has agreed to pay almost $1 billion for Chevron’s South African assets. The $1 billion will give Sinopec a 75% stake in the US firm’s South African refinery as well as its other assets in the country.
The sale will also give Sinopec Chevron’s subsidiary in Botswana. In total the assets include the 100,000 bpd refinery in Cape Town, a lubricants plant in Durban as well as 820 petrol stations and other oil storage facilities. They also include 220 convenience stores across South Africa and Botswana.
Sinopec will retain the Caltex brand for the retail stations for up to six years before launching its own rebranding strategy.
The remaining 25% of the South African assets will continue to be held by a group of local shareholders, in accordance with South African regulations.
Chevron said in a statement the deal was still subject to regulatory approval.
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