Sinopec commits to R6bn in investments if it wins Chevron SA bid

January 14, 2018

FIN24.COM / 11 JANUARY 2018 -  19:05 / STAFF REPORTER


Cape Town - Minister of Economic Development Ebrahim Patel on Thursday said that Chinese state-owned oil company Sinopec had committed to invest some R6bn in South Africa if it succeeds in acquiring the assets of Chevron South Africa. 


Sinopec is competing with Glencore for the assets, which include a 75% stake in a 100 000 barrel a day oil refinery in Cape Town, some 850 petrol stations and a lubricant blending plant in Durban. 


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