Chinese fuel group Sinopec has agreed to contribute at least R315m to rebranding 834 Caltex service stations, in addition to its earlier promise to spend R6bn upgrading the oil refinery in Milnerton, the Competition Commission said on Friday morning.Sinopec is bidding against Glencore to acquire the Southern African business of US oil company Chevron.Chevron service station franchisees approached the commission with concerns over the costs in switching brands, as well as over the new owner changing their contracts.The commission said it had approved Sinopec buying the US oil company’s 75% stake in its Southern African business — the balance is owned by empowerment partners — on condition it contributes to rebranding costs on top of its earlier commitment to invest R6bn upgrading Chevron’s refinery in Cape Town."Sinopec will spend approximately R290m to cover the cost of rebranding the 227 service stations falling under Chevron SA’s branded marketer footprint that have been upgraded ...
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