DLA Piper and Latham & Watkins have assumed the lead roles on a $1 billion deal in which state-owned China Petroleum and Chemical Corp., or Sinopec, will acquire African oil refinery assets from Chevron Corp.
As part of the deal, Sinopec will acquire the 75 percent interest held by Chevron in its South African joint venture and a 100 percent stake in the U.S. energy giant’s Botswana business. Local shareholders will control the remaining 25 percent in the South African business, as per local regulations.
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