March 22, 2017 / 11:57 AM / in 8 months

Chevron confirms sale of its South African assets to Sinopec

CAPE TOWN (Reuters) - Chevron Global Energy (CVX.N) confirmed on Wednesday that it had signed a sales and purchase agreement with a wholly-owned subsidiary of China’s Sinopec (0386.HK) (600028.SS) for Chevron’s assets in South Africa and Botswana.

FILE PHOTO - A Chevron gas station sign is seen in Del Mar, California, April 25, 2013. REUTERS/Mike Blake/File Photo

Chevron said in a statement the deal hinged on regulatory approval. Sinopec said earlier on Wednesday it has agreed to pay almost $1 billion for a 75 percent in Chevron’s South Africa assets and unit in neighbor Botswana, securing its first refinery on the continent.

Reporting by Wendell Roelf; Editing by James Macharia

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