BP South Africa will invest US$596mn over the next five years to improve oil refining and storage in its African operations, which will include the upgrading of South Africa's largest oil refinery
Iain Conn, BP’s group chief executive officer of refining and marketing, said, “BP South Africa will spend US$516mn in South Africa’s refineries, including US$274mn to upgrade the SAPREF Refinery in Durban, co-owned by Royal Dutch Shell.”
Conn said that the company was currently pursuing more operations and investments in countries like Angola, Algeria, Namibia, Libya and Egypt.
BP is also making investments to improve and upgrade the fuel import infrastructure in Mozambique.
“US$110mn will be invested in the refurbishment of BP’s facility in Mozambique, mainly tanks, terminals and storage facilities,” Conn noted.
South Africa’s oil refineries process 497,000 bpd, with SAPREF contributing 36 per cent of this total, according to the South African Petroleum Association’s website.