Saudi Arabia plans to build oil refinery, petrochemicals plant in South Africa [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Saudi Arabia plans to build oil refinery, petrochemicals plant in South Africa Saudi Arabia plans to build an oil refinery and petrochemicals plant in South Africa as part of $1-billion of investments in the country, Saudi Energy Minister Khalid al-Falih said on Friday after talks with his South African counterpart. The announcement is a much-needed vote of confidence in Africa’s most industrialized economy, where President Cyril Ramaphosa is trying to attract $1 billion of new investments to rekindle growth. The new refinery would reduce the need for refined product imports and cement Saudi Arabia’s dominant position in South Africa’s oil sector. The Gulf kingdom already supplies 4 percent of the crude oil consumed in South Africa. Story continues below advertisement “Saudi Aramco and South Africa’s Central Energy Fund are moving forward with the feasibility study and identifying the parameters of the project,” Falih told reporters in Pretoria, South Africa’s administrative capital.
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