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China Petroleum & Chemical Corp. (Sinopec) reveals plans to acquire controlling stakes in Chevron's South Africa and Botswana businesses for approximately $900 million. Sinopec aims to expand its overseas operations as profits decline domestically. The deal involves acquiring a 75% stake in Chevron's South Africa assets, including a refinery and gas stations, while taking full ownership of its Botswana subsidiary. The acquisition aligns with Sinopec's strategy to tap into new markets and invest in technological upgrades.
Tuesday, 21 March, 2017