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 U.S. oil major. If the deal is finalised, it will be Sinopec's first refinery asset in Africa, forming a part of the Chinese major's global fuel distribution network.

Sinopec declined to comment. Chevron first announced plans in January 2016 to sell the stake in the business unit, which includes a 110,000-barrels-per-day refinery in Cape Town, South Africa.

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