A competitions tribunal has approved Chinese-state-owned Sinopec’s $900million deal for Chevron’s assets in South Africa.
Sinopec will get Chevron’s 75% stake in a business that includes a 100,000 barrel-a-day refinery in Cape Town and a lubricants-manufacturing facility in Durban.
But the tribunal has said Sinopec must invest $500million in the refinery over five years.
The South African competition tribunal announced its decision on Twitter.
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