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Sinopec deal for Chevron assets in South Africa wins conditional approval

  • Sinopec (SNP +1.2%) says South Africa's government has given conditional approval for its planned purchase of Chevron (CVX +3.2%) assets after it committing to future investments in the country.
  • CVX owns a 75% stake in the assets, which include a 100K bbl/day oil refinery in Cape Town, a lubricants plant in Durban, 820 fueling stations and other oil storage facilities, and 220 convenience stores across South Africa and Botswana; Glencore (OTCPK:GLCNF, OTCPK:GLNCY) swooped in last October with a bid after local shareholders, who hold the remaining 25%, exercised pre-emption rights following delays to the SNP deal.
  • SNP's additional commitments to the government include investments over five years to upgrade the Cape Town refinery into a world-class plant and to develop the fuel marketing business by introducing small and black-owned business as fuel retailers.
  • A final decision from the South Africa's Competition Tribunal reportedly is expected in March or April.

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