Alternative Africa

Top Menu

  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

Main Menu

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Home
  • About Us
  • Privacy Policy
  • Terms of Use
  • Contact Us

logo

Alternative Africa

  • Home
  • Arts & Culture
  • Business
  • Environment
  • Politics
  • Sports
  • Reports
    • Africa-Observers
      • Read Reports
      • Submit a story
  • MORE
    • Health
    • News Now
    • World
    • Technology
  • Meghan contemplated suicide after Royal family expresses ‘concerns’ about how dark Archie could be

  • EU medicine regulator urges caution on Russia’s Sputnik COVID-19 vaccine

  • Equatorial Guinea: 20 dead, 600 wounded after dynamite explosions at army base

  • Zimbabwe on track to meet $12bn mining target -Minister

  • Kenyan capital, Nairobi to get six more commuter trains

BusinessNews Now
Home›Business›South Africa to build a new $10 billion refinery

South Africa to build a new $10 billion refinery

By alternativeafrica
November 21, 2017
752
0
Share:

Johannesburg, Nov. 21, 2017 (AltAfrika)-South Africa wants the national oil companies of its BRICS partners to help build a new 400,000 barrel per day refinery that will be structured by senior debt and equity, energy minister David Mahlobo said on Tuesday.

The idea of building a refinery in Africa’s most industrialised economy has been under consideration for almost a decade.

“South Africa is at a tipping point regarding its refining capabilities,” Mahlobo said, adding that the cost of the new refinery was estimated at $10 billion in 2010.

“The refinery can be structured with senior debt and equity,” Mahlobo told parliament’s energy committee.

South Africa is a member of BRICS, a trading bloc that also includes Brazil, Russia, India and China.

Tipping point

In May, Mahlobo’s predecessor Mmamoloko Kubayi-Ngubane said South Africa, a net importer of refined oil products, would consider West Africa and the Middle East, including Iran, for potential partners on a new refinery project.

She said cabinet expects to decide by December whether to build the refinery that has never came to fruition because of a lack of equity partners.

Mahlobo said some refinery owners in South Africa wanted to exit the domestic market, citing the high costs of upgrading refineries to meet cleaner fuel specifications.

“The cost of the upgrades is estimated at over 40 billion rand ($3 billion) and 24 billion litres of liquid fuels are sold annually, so this can be funded through some type of levy,” he said of ongoing talks with industry about a possible cost-recovery mechanism they have demanded.

Royal Dutch Shell, BP, Total and Sasol are among the main refinery operators in Africa’s most industrialised country.

Reuters

SHARE ON:
Previous Article

NNPC completes 539km of gas pipeline projects

Next Article

Mugabe’s short but historic resignation letter in ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

alternativeafrica

Related articles More from author

  • BusinessHealthNews Now

    Over 70% of drugs circulating in Nigeria are fake — Global health

    November 8, 2017
    By alternativeafrica
  • News Now

    Emirates flight attendant dies after fall from plane in Uganda

    March 18, 2018
    By alternativeafrica
  • AfricaNews Now

    US imposes visa restrictions on Ghana

    February 1, 2019
    By alternativeafrica
  • BusinessNews Now

    Foreign Investment in Nigeria falls by $500m in 2018 Q1-CBN

    November 3, 2018
    By alternativeafrica
  • News NowPolitics

    Nigeria: Mrs. Aishat Buhari knocks APC over impunity, manipulation

    October 7, 2018
    By VJ Africa
  • AfricaHealthNews Now

    Congo to deploy second Ebola vaccine

    September 21, 2019
    By alternativeafrica

Leave a reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You might be interested

  • AfricaHealthNews Now

    Somalian women celebrate coronavirus lockdown as husbands stay at home without drugs

  • AfricaBusinessNews Now

    Nigeria to end petrol importation by Dec. 2019-NNPC insists

  • BusinessNews Now

    Nigeria Secures $500m EXIM Bank Loan for Modular Refineries

Timeline

  • March 8, 2021

    Meghan contemplated suicide after Royal family expresses ‘concerns’ about how dark Archie could be

  • March 8, 2021

    EU medicine regulator urges caution on Russia’s Sputnik COVID-19 vaccine

  • March 8, 2021

    Equatorial Guinea: 20 dead, 600 wounded after dynamite explosions at army base

  • March 8, 2021

    Zimbabwe on track to meet $12bn mining target -Minister

  • March 8, 2021

    Kenyan capital, Nairobi to get six more commuter trains

  • Popular

  • Comments

  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Morocco begins regional integration by connecting Casablanca Airport with High Speed Train

    By alternativeafrica
    January 4, 2020
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Nigeria: 32,000 capacity Lagos rice mill to start production in 2020

    By alternativeafrica
    December 23, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack followed a ...
AlternativeAfrica.com is an independent Pan African News Website dedicated primarily to influencing the negative narratives about Africa. We hope to do this by focusing and showcasing the many developmental strides sweeping across the continent.

Read more >>>

Contact Info

  • info@alternativeafrica.com
  • Recent

  • Popular

  • Comments

  • Meghan contemplated suicide after Royal family expresses ‘concerns’ about how dark Archie could be

    By alternativeafrica
    March 8, 2021
  • EU medicine regulator urges caution on Russia’s Sputnik COVID-19 vaccine

    By alternativeafrica
    March 8, 2021
  • Equatorial Guinea: 20 dead, 600 wounded after dynamite explosions at army base

    By alternativeafrica
    March 8, 2021
  • Zimbabwe on track to meet $12bn mining target -Minister

    By alternativeafrica
    March 8, 2021
  • Lagos govt confirms first case of deadly coronavirus infection in Nigeria

    By alternativeafrica
    February 28, 2020
  • Keynote Address of President Nana Addo Dankwa Akufo-Addo at 2018 Oxford Africa Conference

    By PSJ Africa
    May 14, 2018
  • Macron in Ivory Coast to launch anti-terrorism academy

    By alternativeafrica
    December 21, 2019
  • Kenyan govt pressure Facebook for data on Kenyan users

    By alternativeafrica
    November 20, 2019
  • Ado zagi
    on
    January 12, 2021

    Nigeria: EFCC Academy to begin award of degree

    Diploma leave areply from
  • Ethiopia joins Africa's Artificial Intelligence revolution | Alternative Africa
    on
    October 2, 2020

    Spending on Artificial Intelligence Systems in Africa, Middle East to top $374 million in 2020

    […] Many African countries ...
  • The 5 most popular Africans 2020
    on
    September 25, 2020

    Celebrating Congolese doctor Jean-Jacques Muyembe, the man behind breakthrough of Ebola cure

    […] Dr. Jean-Jacques Muyembe ...
  • Millitants in Central Mali Set Jail Ablaze in Attack Killing Two | taktik(z) GDI (Government Defense ...
    on
    August 11, 2020

    Fifteen gendarmes killed in another attack on Mali camp

    […] attack fol­lowed a January ...

Photostream

    Follow us

    • Home
    • About Us
    • Privacy Policy
    • Terms of Use
    • Contact Us
    © Copyright Alternative Africa 2019. All rights reserved.