Chinese fuel giant to buy 75% of Chevron business in SA and Botswana
Sinopec says it will maintain all the local workforce and ensure uninterrupted service during the transition; re-branding from Caltex will begin in about five years
On Wednesday, China’s largest fuel company, Sinopec, confirmed that it had reached an agreement to acquire 75% of US oil multinational Chevron’s businesses in SA and Botswana for about $900m. "The other 25% equity of Chevron SA will continue to be held by a group of local shareholders, as requested by South African regulation. The sales and purchase agreement has already been filed with the Chinese government and remains subject to regulatory approvals in SA and Botswana," Sinopec said in a statement. Sinopec, whose full name is China Petroleum & Chemical Corporation, said the assets it’s acquiring include Chevron’s Cape Town refinery, which has a refining capacity of 100,000 barrels per day; its lubricants manufacturing plant in Durban; a network of more than 820 service stations (with 220 convenience stores) across SA and Botswana; and storage tanks and oil depot distribution facilities. "It is Sinopec’s intention to maintain the entirety of the local workforce and ensure that the...
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