Photo: Reuters

China Petroleum and Chemical Corp said it reached an agreement to buy a 75% stake in Chevron Corp’s South African assets for around US$900 million.

The assets include a 5 million tonne per year oil refinery in Cape Town as well as 820 petrol stations and other oil storage facilities, Sinopec said in press release on Wednesday.

The transaction marks Sinopec’s first refinery asset in Africa.