S.Africa’s competition watchdog approves Sinopec, Chevron deal

South Africa’s Competition Tribunal on Friday approved, subject to conditions, a deal for China’s Sinopec Corp to buy Chevron’s assets in South Africa and Botswana.

State-owned Sinopec was competing for the assets with commodities trader and miner Glencore, which swooped in last October with a $973 million bid following delays to Sinopec’s original agreement.