Oil giant BP will invest 5.5 billion rand ($596 million) over the next five years to improve oil refining and storage at its operations in South Africa and Mozambique, according to Bloomberg Businessweek.
Group Chief Executive Officer of Refining and Marketing Iain Conn said BP Southern Africa will spend 4.7 billion rand in South Africa, including 2.5 billion rand to upgrade the Sapref refinery in Durban, which BP co-owns with Shell. Another 800 million rand will be used to refurbish infrastructure in Mozambique.
The investment also includes the opening of 120 retail stores across Africa in the next five years, African Business Review reported.
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According to Conn, the infrastructure upgrades will help BP comply with South Africa's proposed clean fuels requirements.
"This is part of our on-going efforts to be a good corporate citizen as we pursue our business objectives in all the markets in which we operate," Conn said.
