BP Southern Africa (BPSA) says it will be investing some $1 billion in the southern African country.
The investment will cover the next five years, according to the company’s chief executive who made the announcement on Thursday.
The company intends using over a quarter of the $1 billion investment for upgrade of the SAPREF refinery in order to produce lower sulphur diesel.
Reuters reports that BP wants to invest between $252 million to $288 million in the refinery upgrade, located in Durban.
Chief Executive Priscillah Mabelane, according to Reuters said adding about “40 percent of the total $1 billion investment would go on retail activities”.
Mabelane is quoted as saying that the refinery upgrade would make “sure the refinery can meet the new specifications in terms of low sulphur and Marpol regulations.”
“We are aggressively going to grow our footprint in the country,” Mabelane added.
BP also hopes to take advantage of opportunities in Mozambique to expand its services.
Source: Africafeeds.com
