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2019-01-21 11:30:00

SAUDI ARABIA INVESTMENT $10 BLN

SAUDI ARABIA INVESTMENT $10 BLN

ENCA - Saudi Arabia's planning to build an oil refinery and a petrochemicals plant in South Africa.

It's part of a $10-billion (R138-billion) investment in the country.

The Gulf state's also interested in using our oil storage facilities and pumping billions of dollars into renewable energy.

It's hoped a new refinery will ensure energy security for South Africa.

And that it will allow the country to supply crude oil and other petroleum products to the rest of Africa.

Riyadh's also interested in using South Africa's major oil storage facilities.

"We think it's symbolic for Saudi to store some of its crude in SA to serve SA's needs and the region. It has to be operationally feasible. The crude oil needs to be turned over regularly and sold to other customers.

That's what has worked in Rotterdam and Japan. We hope to replicate that if conditions would allow", said Khalid Al-Falih, Saudi Arabia's energy minister.

40% of South Africa's oil currently comes from Saudi Arabia and Construction is being led by its state energy company Saudi Aramco.

The exact location of the project will be finalised in the coming weeks.

"You've mentioned Coega, but we're also looking at Richards Bay. The final location of the oil refinery will be determined in the next few weeks when we finalise the MOU and the concept document after doing some preliminary studies", said Jeff Radebe, South Africa's Minister of Energy.

Saudi Arabia is also expected to invest billions of dollars in South Africa's renewable energy programme and talks are underway to invest in South Africa's state defence company, Denel.

Riyadh is hoping other countries will follow its lead and increase investment in South Africa.

 

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Earlier:

 

 W.Asia
2019, January, 14, 11:15:00

SAUDI'S INVESTMENT FOR PAKISTAN: $10 BLN

REUTERS - Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said on Saturday, speaking at the Indian Ocean port that is being developed with the help of China.

 

 W.Asia
2018, December, 17, 10:40:00

KING SALMAN ENERGY PARK: $6 BLN

MEOG - King Salman Energy Park (SPARK), a 50sqkm "energy city megaproject" in Saudi Arabia, is one of the Kingdom's most impressive endeavours into localisation so far. Once operational, it is expected to generate 100,000 direct and indirect jobs and should contribute $6bn to Saudi Arabia's GDP annually.

 

S.Africa
2018, December, 3, 11:35:00

SOUTH AFRICA'S NUCLEAR

WNN - Energy infrastructure is a critical component of South Africa's National Development Plan (NDP), which was published in 2011 and identifies the need for investment in a strong network of economic infrastructure designed to support the country’s medium- and long-term economic and social objectives. The IRP plays a crucial role in contributing to the objectives of the NDP, the Committee said in its report.

 

 W.Asia
2018, November, 28, 12:10:00

SAUDI ARAMCO INVESTMENT $150 BLN

REUTERS - Saudi Aramco’s gas expansion strategy needs $150 billion worth of investments over the next decade as the company plans to increase output and become an exporter, its chief executive said on Tuesday.

 

S.Africa
2018, November, 22, 10:35:00

SOUTH AFRICA'S LAGGING

IMF - Some of the negative effects of the changing external environment are already being felt in South Africa despite its economic resilience.

 

 W.Asia
2018, November, 14, 11:30:00

ADNOC & SAUDI ARAMCO COOPERATION

ADNOC - The Abu Dhabi National Oil Company (ADNOC) signed a framework agreement with Saudi Aramco (Aramco), to explore potential opportunities for collaboration in the natural gas and Liquefied Natural Gas (LNG) sectors.

 

 W.Asia
2018, October, 17, 10:10:00

SAUDI - INDIA'S DOWNSTREAM

MEOG - Judaimi highlighted that the closer cooperation between Saudi Aramco and Indian energy entities is reflected in the partnership with RRPCL and ADNOC on the Ratnagiri mega-refinery and petrochemicals complex in Maharashta this year. He noted that nearly $2 billion in material-service sourcing with Indian companies to date; and the opening of the Aramco Asia India office in 2017.

 

 

Tags: SAUDI ARABIA, INVESTMENT, SOUTH AFRICA

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