DLA Piper has represented China Petroleum and Chemical Corp. (Sinopec) on a nearly $1 billion deal to purchase the Bostwana subsidiary and a 75 percent stake in the South African assets of Chevron, which turned to Latham & Watkins for advice.

The assets include a lubricants plant in Durban, a 100,000 barrel-per-day oil refinery in Cape Town as well as 820 petrol stations and other oil-storage facilities, according to Sinopec.

If approved by regulators, the transaction would give Sinopec – Asia's biggest oil refiner – its first major refinery in Africa. It would also herald Chevron's exit from and Sinopec's entry into the South African and Botswanan downstream markets. 

Sinopec was the last remaining bidder in the auction, which lasted more than a year and attracted interest from French oil giant Total and commodity traders Glencore and Gunvor, reported Reuters.

The DLA team was co-led by Carolyn Dong and Charles Morrison, the head of the London oil and gas team. Partners Simon Tysoe, Steven Betensky, Sean Finn, Paul Davies and Catherine Drinnan oversaw the deal for Latham.

"Africa is a very important market for Chinese investment, and this deal forms part of that wider economic and trading relationship, especially as Chinese companies increase their investment in line with China's 'One Belt One Road' trade initiative,” noted Dong, DLA’s head of energy in China.