The BP group has consigned 5 billion rand (US$540 million) to investments in Mozambique and in South Africa over the next five years, a senior group official said Tuesday in Johannesburg.
Iain Conn, who is responsible for the refinery and promotion departments, said that the group planned to invest half of that amount on modernising the refinery it shares with the Royal Dutch Shell group in the port city of Durban.
Conn also said that 1 billion rand would be spent on construction and modernisation of fuel terminals in both Mozambique and South Africa, including a terminal with a capacity of 60 million litres per year on the outskirts of Johannesburg.
In Mozambique, through which the group imports crude oil, investments are expected to total US$86 million in modernising fuel terminals and deposits.
The remaining funding will be used to build 120 convenience stores and to carry out work to improve 65 existing stores, in partnership with South African supermarket chain Pick ‘n Pay. (macauhub)