$900m

CHI­NESE BUY CAL­TEX

Finweek English Edition - - THE WEEK -

China’s Sinopec said it will pay about $900m to pur­chase a 75% stake in Chevron South Africa and 100% of Chevron Botswana fol­low­ing a public ten­der process. The trans­ac­tion is sub­ject to ap­proval by Chi­nese and lo­cal reg­u­la­tors. The Chevron as­sets in­clude its re­fin­ery in Cape Town, with a ca­pac­ity of 100 000 bar­rels a day, a lu­bri­cants man­u­fac­tur­ing plant in Dur­ban, 820 ser­vice sta­tions and 220 con­ve­nience stores, as well as stor­age tanks and oil de­pot dis­tri­bu­tion fa­cil­i­ties, Sinopec said. The sta­te­owned Chi­nese firm said it will re­tain the ex­ist­ing Cal­tex brand for the re­tail fuel sta­tions for a pe­riod of up to six years.

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