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Thursday, 9 May 2013

BP ups its stake in southern Africa

British Petroleum (BP) says it will invest R5-billion (about US 558-million dollars) in South Africa and Mozambique over the next five years in new and on going infrastructure upgrade projects to improve business efficiency, and to help government objectives to enhance energy security and enable the transition to cleaner fuels.

Refining and marketing chief executive Iain Conn told press R800-million will be invested in Mozambique, and R4,7-billion in South Africa on various projects including refinery, terminal and retail network assets. About half will be spent in upgrading and modernising the refinery infrastructure at Sapref in KwaZulu-Natal, a joint venture with Shell. 

The infrastructure upgrade will primarily be to comply with South Africa’s proposed clean fuels requirements.

Over R1-billion is to be invested in terminals in South Africa and Mozambique, with the balance of the investment in the retail network.