By Abisola THOMPSON
Saudi Arabia plans to build an oil refinery and a petrochemicals plant in South Africa as part of 10 billion dollars of investments in the country, Saudi Energy Minister Khalid Al-Falih said on Friday.
Al-Falih said after a meeting with South African Energy Minister Jeff Radebe in Pretoria that Saudi oil would be used in the planned refinery whose construction would be led by state energy company Saudi Aramco.
“There have been exchanges of talks by Saudi Aramco teams and they have been supported by the South African energy ministry,” Al-Falih said.
He said Saudi Arabia was also interested in using South Africa’s major oil storage facilities, adding that Saudi utility developer Acwa Power was looking at investing in South Africa’s revamped renewable energy programme.
Al-Falih also confirmed that there were discussions about the kingdom investing in South Africa’s state defence company Denel.
Radebe said the exact location of the refinery and petrochemicals plant would be finalised in the coming weeks.
South African President Cyril Ramaphosa is trying to woo foreign investors to help revive a struggling economy as he prepares for a parliamentary election this year.
Saudi Prince Mohammed Bin Salman met with Ramaphosa on the sidelines of the Group of 20 Summit in Argentina in November 2018. —— Reuters
