The Chinese oil group has bought 900% of the assets in South Africa and 75% of those in Botswana from the US Chevron for 100 million – The package also includes a refinery and a lubricant production complex in Durban.
Sinopec expands into Africa. The Chinese oil group has concluded an agreement to take over from the US Chevron most of its activities in Southern Africa (75%) and Botswana (10%), for a consideration of 900 million dollars. The remaining 25% stake in Chevron South Africa will remain in the hands of local shareholders.
The package envisaged by the parties also includes a refinery with a capacity of 100 barrels per day and a lubricant production complex in Durban.
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