China Petrochemical Corp. (Sinopec Group) confirmed on Wednesday a further step to its global expansion plan: a roughly $900 million agreement signed with Chevron¹ Corp. to buy the latter's South African oil assets.

 

中石化集团周三确认其全球化扩张的进一步计划：与雪佛龙公司签署一份大约9亿美元的协议，收购该公司在南非的石油资产。

 

The deal will lead to Sinopec's acquisition of Chevron's 75 percent controlling stake in South Africa and a 100 percent in Chevron's Botswana unit, including the takeover of a 100,000 barrel-a-day refinery² in Cape³ Town, a lubricants-manufacturing facility in Durban, over 820 petrol stations in South Africa and Botswana, and oil depot⁴ distribution facilities.

 

The investment is regarded as part of Sinopec's plan to expand in international markets. In a statement, the company said that it "looks forward to becoming an integral part of South Africa and Botswana's local economies."

 

The transaction is now reportedly waiting for regulatory approval.

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