Petroleum Africa
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Monday, May 29, 2017
Sinopec is in talks with the South African government regarding its takeover of Chevron’s Cape Town refinery. The government is looking for the Chinese firm to retain and enhance the refinery’s production capacity.
South Africa’s Economic Development Minister Ebrahim Patel speaking to reporters said, “A key concern that government will raise in every major transaction like this is how to retain and expand our industrial capability and includes in this case, refinery capability.”
Sinopec will pay almost $1 billion for a 75% stake in Chevron Corp’s South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies announced in March.
Patel did not go into details of the Sinopec discussions, saying the deal with Chevron would still need to go for formal regulatory scrutiny.
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