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NEW YORK/SINGAPORE (Reuters) - China Petroleum and Chemical Corp (Sinopec) is nearing an agreement to buy a majority stake in Chevron Corp's South African assets, which are estimated at $1 billion, two people familiar with the transaction said.
If the deal is finalised, it will be Sinopec's first refinery asset in Africa, forming a part of the Chinese major's global fuel distribution network.
Sinopec declined to comment.
Chevron spokesman Braden Reddall said "the process of soliciting expressions of interest in the 75 percent shareholding is ongoing."
(Reporting by Jessica Resnick-Ault in NEW YORK and Florence Tan in SINGAPORE; Additional reporting by Ron Boussa in NEW YORK, Dmitry Zhdannikov in LONDON, Joe Brock in JOHANNESBURG and Chen Aizhu in BEIJING; Writing by Anshuman Daga; Editing by Richard Pullin)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)