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Chevron confirms sale of its South African assets to Sinopec

Reuters - UK Focus

CAPE TOWN, March 22 (Reuters) - Chevron Global Energy confirmed on Wednesday that it had signed a sales and purchase agreement with a wholly-owned subsidiary of China's Sinopec (HKSE: 0386-OL.HK - news) for Chevron (Euronext: CHTEX.NX - news) 's assets in South Africa and Botswana.

Chevron said in a statement the deal hinged on regulatory approval. Sinopec said earlier on Wednesday it has agreed to pay almost $1 billion for a 75 percent in Chevron's South Africa assets and unit in neighbour Botswana, securing its first refinery on the continent. (Reporting by Wendell Roelf; Editing by James Macharia)