Sinopec $900 million acquisition of Chevron South Africa and Chevron Botswana

Overview:

• The China Petroleum & Chemical Corporation (Sinopec) acquired Chevron South Africa and Chevron Botswana from Chevron Global Energy for $900 million subject to meeting conditions set by South Africa's competition authority.
• Sinopec purchased 75% of the shares in Chevron South Africa and 100% of the shares in Chevron Botswana and the move marks the company's entry into the South African and Botswanan downstream markets.
• Chevron South Africa and Chevron Botswana collectively form one of the largest integrated downstream oil businesses in Sub-Saharan Africa. 

Anna Kozakova - Journalist