Sinopec pays US$1b for African assets
Print Edition
SINOPEC will pay almost US$1 billion for a 75 percent stake in Chevron Corp’s South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies said yesterday.
China Petroleum and Chemical Corp, better known as Sinopec, said the assets include a 100,000-barrel-per-day oil refinery in Cape Town, a lubricants plant in Durban as well as 820 petrol stations and other oil storage facilities.
Chevron Global Energy Inc said in a statement that Sinopec’s bid was selected in part because of the better terms and conditions it offered, including a commitment to operate the businesses as going concerns and the opportunity to reap strategic value for its longer-term strategy in Africa.
The deal, which includes 220 convenience stores across South Africa and Botswana, is subject to regulatory approval.
With a growing middle class, demand in South Africa for refined petroleum has risen by nearly 5 percent annually over the past five years, to about 27 million tons, Sinopec said.
In 2012, Sinopec, Asia’s largest oil refiner, partnered South Africa’s national oil company PetroSA to help develop a new greenfields refinery that has subsequently been shelved due to high costs.
It said it would retain the whole workforce as well as the existing Caltex brand for the retail fuel stations for up to six years before launching a rebranding strategy.
The remaining 25 percent of the South African assets will continue to be held by local shareholders under South African regulations.
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