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.