CHINESE BUY CALTEX
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.