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China's Sinopec to buy stake in Chevron's S.African oil assets for $900 mln
March 22, 2017 / 10:27 AM / 6 months ago

China's Sinopec to buy stake in Chevron's S.African oil assets for $900 mln

BEIJING, March 22 (Reuters) - China Petroleum and Chemical Corp (Sinopec) said it reached an agreement to buy a 75 percent stake in Chevron Corp’s South African assets for around $900 million.

The assets include a 5 million tonne per year oil refinery in Cape Town as well as 820 petrol stations and other oil storage facilities, Sinopec said in press release on Wednesday.

The transaction marked Sinopec’s first refinery asset in Africa. (Reporting by Meng Meng and Beijing Monitoring Desk; Editing by Himani Sarkar)

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