Chevron Confirms Sale of Its South African Assets to Sinopec

Chevron Global Energy confirmed on Wednesday that it had signed a sales and purchase agreement with a wholly-owned subsidiary of China's Sinopec for Chevron's assets in South Africa and Botswana.

 

Chevron said in a statement the deal hinged on regulatory approval. Sinopec said earlier on Wednesday it has agreed to pay almost $1 billion for a 75 percent in Chevron's South Africa assets and unit in neighbour Botswana, securing its first refinery on the continent.


(Reporting by Wendell Roelf; Editing by James Macharia)