The acquisition of 75% of Chevron SA by Sinopec’s SOIHL Hong Kong is approved
The Competition Commission has recommended to the Competition Tribunal that the proposed 75% acquisition of Chevron SA (CSA) by Chinese firm SOIHL Hong Kong Holding Limited (SOIHL HK) be approved, with conditions. SOIHL is a subsidiary of the state-owned China Petroleum and Chemical Corporation (Sinopec), which is a significant Chinese manufacturer and supplier of petroleum and petrochemical products. It claims to be the largest oil and petrochemical products supplier, and the second major oil and gas producer, in China. Sinopec is also the largest oil refiner and the second largest chemical company in the world, and is second in respect of the total number of petrol stations in the world. SOIHL will be a new entrant into the South African petroleum market. CSA is 75% owned and controlled by US firm, Chevron Global Energy, and ultimately controlled by Chevron Corporation. CSA operates at a retail level in SA under the Caltex brand and is active in refining and producing petroleum pr...
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