China Petroleum & Chemical Corporation (Sinopec) has concluded an agreement to acquire Chevron Global Energy’s oil businesses in South Africa and Botswana, marking Sinopec’s entry into one of the largest integrated downstream oil businesses in sub-Saharan Africa.
Sinopec will acquire all shares in Chevron Botswana, and 75% of shares in Chevron South Africa – the remaining 25% will continue to be held by a group of local shareholders in accordance with South African regulations.
“This transaction involved target downstream petrochemical assets in both South Africa and Botswana,” Carolyn Dong, head of energy (China) at DLA Piper, told China Business Law Journal. DLA Piper acted for Sinopec in this deal.
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