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China Petroleum and Chemical Corp, or Sinopec, Asia's largest
oil refiner, said the assets include a 100,000 barrel-per-day
oil refinery in Cape Town, a lubricants plant in Durban as well
as 820 petrol stations and other oil storage facilities. They
also include 220 convenience stores across South Africa and
Botswana.
With a growing middle class, demand in South Africa for refined
petroleum has increased by nearly 5 percent annually over the
past five years, to currently total about 27 million tonnes, it
said.
Sinopec said it would retain the whole workforce as well as the
existing Caltex brand for the retail fuel stations for up to six
years before launching a rebranding strategy.
The remaining 25 percent of the South African assets will
continue to be held by a group of local shareholders, in
accordance with South African regulations.
Reuters reported on Friday that Sinopec was the last remaining
bidder in the auction which lasted more than a year and drew
interest from French oil firm Total <TOTF.PA> and commodity
traders Glencore <GLEN.L> and Gunvor.
(Reporting by Meng Meng and Beijing Monitoring Desk; Editing by
Himani Sarkar and Susan Fenton)
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