Sinopec Nearing Deal To Buy Chevron’s $1B South African Assets

China’s Sinopec is the last bidder left in the race to buy a majority interest in Chevron’s South African assets worth $1 billion, Reuters reported on Friday, citing two people familiar with the deal.

Sinopec is close to sealing an agreement with Chevron over the South African assets that the U.S. major first said would be put up for sale in January last year. Following an auction that had lasted more than a year, Sinopec is now the last bidder remaining, Reuters’ sources said.

In October last year, France’s oil major Total SA, mining and trading giant Glencore, and crude oil trader Gunvor had reportedly bid to buy 75 percent of Chevron’s South African downstream business.

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