China's Sinopec nears deal to buy Chevron's South African oil assets – sources

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. The sources said that Sinopec, Asia's largest oil refiner, was the last bidder remaining, and close to completing a deal with the US oil major.