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Sinopec moves closer to winning Chevron's South Africa assets

China’s Sinopec Corp

China’s Sinopec Corp inched closer on Thursday to victory over Glencore in their battle for Chevron’s South Africa and Botswana assets, saying the South African government favoured its bid.

South Africa’s Competition Commission recommended the roughly $900 million transaction with Sinopec be approved with certain conditions, Asia’s largest refiner said in a statement.

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