China Petroleum and Chemical Corp, or Sinopec, is poised to close a deal to acquire U.S. oil giant Chevron Corp's assets in South Africa, including an oil refinery and more than 1,000 Caltex petrol stations, according to media reports.
South Africa's Competition Commission has recommended that the government should approve the $900 million deal, though certain conditions still need to be met before a final green light, Reuters reported on Thursday, citing a statement from Sinopec.
A final decision from the South African government is expected to be announced in March or April and Sinopec could still lose the deal, according to the report.
