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Cape Town - BP intends to invest over R5bn in South Africa over the next five years for infrastructure projects, the company announced on Tuesday.
"This is a sign of BP’s growing confidence in the South African economy as an attractive investment destination especially after the adoption of the National Development Plan (NDP)", said Iain Conn‚ BP group managing director and chief executive of refining and marketing.
He said around half of the R5bn investment will be used mainly for the migration to clean fuels at Sapref, which is a joint venture with Shell.
“We anticipate that the remuneration mechanism will be finalised shortly as we have already started to invest in the project and our intent is to be ready to produce clean fuels in 2017,” said Conn.
The remaining sum will be spent on various projects across the BP fuels value chain including refinery, terminal and retail network assets.
The retail offering will see 120 Pick n Pay Express stores opened in the next five years, and improvements to BP Express convenience stores.
BP is also committed to pursuing operations and investments across the African continent, Conn said.
Upstream the company is also pursuing opportunities in Angola, Algeria, Namibia, Libya and Egypt, while Mozambique will benefit from infrastructural upgrades downstream.
- Fin24
"This is a sign of BP’s growing confidence in the South African economy as an attractive investment destination especially after the adoption of the National Development Plan (NDP)", said Iain Conn‚ BP group managing director and chief executive of refining and marketing.
He said around half of the R5bn investment will be used mainly for the migration to clean fuels at Sapref, which is a joint venture with Shell.
“We anticipate that the remuneration mechanism will be finalised shortly as we have already started to invest in the project and our intent is to be ready to produce clean fuels in 2017,” said Conn.
The remaining sum will be spent on various projects across the BP fuels value chain including refinery, terminal and retail network assets.
The retail offering will see 120 Pick n Pay Express stores opened in the next five years, and improvements to BP Express convenience stores.
BP is also committed to pursuing operations and investments across the African continent, Conn said.
Upstream the company is also pursuing opportunities in Angola, Algeria, Namibia, Libya and Egypt, while Mozambique will benefit from infrastructural upgrades downstream.
- Fin24
