Petroleum Africa
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Monday, March 12, 2018
Chevron and Sinopec received a greenlight for the sale of Chevron’s assets in southern Africa to the Chinese firm from South Africa’s Competition Tribunal. The deal is for Chevron’s assets in South Africa and Botswana.
Sinopec was competing for the assets with commodities trader and miner Glencore, which swooped in last October with a $973 million bid following delays to Sinopec’s original agreement. However, in the end Sinopec won out and will now the two firms will move forward with the closing of the sale.
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