Chevron SA majority to go to Sinopec

THE COMPETITION Commission has recommended that the Competition Tribunal conditionally approve Soihl Hong Kong Holdings’ acquisition of 75 percent of Chevron South Africa. The Hong Kongbased Soihl HK is owned by China Petroleum & Chemical Corporation (Sinopec) which is a state owned Chinese company. Soihl HK is a manufacturer and supplier of petroleum and petrochemical products and is the largest oil and petrochemical products supplier and the second major oil and gas producer in China. In a statement yesterday, the commission said: “The proposed transaction is unlikely to substantially prevent or lessen competition in any of the identified markets. However, in order to alleviate any possible loss of employment post-merger as well as any potential impact on CSA’s retired employees…, the commission recommends that conditions be imposed which address the identified public interest concerns.” – Siseko Njobeni