The US oil company Chevron has agreed to invest nearly $250 million in South African state-owned oil company Bantus, the company announced on Monday.

The investment comes after Chevron bought the company in a $2.6 billion deal in January 2016.

“We’re delighted to welcome Bantuses new owners, which we believe will make the South African economy stronger and more competitive for years to come,” said Chevron Chief Executive Officer David Murray.

“Bantus is poised to contribute to our efforts to support the nation’s long-term economic growth and sustainable development.”

The deal follows a $1.3 billion investment last year by Chevron in the country’s energy sector.

Bantues share price has fallen almost 30% since it rose to $14.50 in late November, though it still trades at $18.50.

It is one of the world’s largest producers of oil and natural gas.

South Africa is the world leader in Bantum, which is made up of the countrys largest state-run oil and mining company, SABMiller, as well as its largest state broadcaster and regional government.

The countrys top state oil executive, Tshwane Tshabalala, said Bantuss was “the next great step” for the country, which he said had become a “tipping point for the development of South Africa.”

The South African government also plans to invest in Bants energy sector through a new joint venture with Chevron.