Sinopec nails acquisition of Chevron African assets

Through deal, Chinese group lands first refinery, other key interests on continent

Asia's biggest oil refiner China Petrochemical Corp, known as Sinopec, said on Wednesday it had nailed an agreement to acquire a refinery and key assets of Chevron South Africa and Chevron Botswana for about $900 million.

Sinopec said it has signed a sales and purchase agreement with Chevron Global Energy Inc to acquire its 75 percent stake in Chevron South Africa Proprietary Ltd and its 100 percent holding in Chevron Botswana Proprietary Ltd.