$10bn investments in South Africa: Al-Falih

Saudi Arabia's $10bn investment in SA to bring new refinery, petrochemical plant

Saudi Arabia's $10bn investment in SA to bring new refinery, petrochemical plant

Saudi Arabia plans to build an oil refinery and a petrochemicals plant in South Africa as part of $10 billion of investments in the country, Saudi Energy Minister Khalid Al-Falih said on Friday.

The South African minister said that the planned location for building the refinery and petrochemical factory will be named in the coming weeks.

"There have been exchanges of talks by Saudi Aramco teams and they have been supported by the South African energy ministry", Reuters quoted the Saudi minister as saying after a meeting with South Africa's Energy Minister Jeff Radebe.

Saudi Arabia made the investment pledge in July last year, as South African President Cyril Ramaphosa seeks to revive a flagging economy with a drive to lure US$100 billion in investment in five years.

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One aviation source told RIA Novosti that the cabin crew persuaded the man that the plane needed to refuel in Khanty-Mansiysk.

The memo aims to strengthen joint cooperation between the Kingdom and South Africa in the fields of exploration, production, refining, storage, marketing, transportation and distribution of oil and gas; in addition to applying modern technologies in the oil and gas industry, according to SPA.

And that it will allow the country to supply crude oil and other petroleum products to the rest of Africa. The capacity for the refinery is yet to be determined.

Also discussed was the possibility of Saudi Aramco using tanks at Saldanha Bay to store crude oil. Royal Dutch Shell, BP, Total and Sasol are among major refinery operators.

According to Bloomberg, an agreement of intent was signed Friday by South Africa's Energy Minister Jeff Radebe and his Saudi counterpart Khalid Al-Falih.

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