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China Petroleum and Chemical Corp. or Sinopec. is poised to close a deal to acquire US 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.
