Saudi Arabia has plans to invest US$10bn in South Africa through the construction of an oil refinery and petrochemicals plant, according to Saudi Arabias Energy Minister Khalid Al-Falih
Al-Falih stated in his comments after a meeting with South African Energy Minister Jeff Radebe in Pretoria that the planned refinery, which would be run by state-owned energy firm Saudi Aramco, would be using Saudi oil.
“There have been exchanges of talks by Saudi Aramco teams and they have been supported by the South African Energy Ministry,” Al-Falih noted.
Radebe has stated that the exact location of the refinery and petrochemicals plant will be finalised in the coming weeks.
Ministers Jeff Radebe and Khalid Al-Falih have also signed a Memorandum of Understanding (MoU) to cooperate on oil and gas undertakings.
Under the MoU, projects will be launched in South Africa, managed by Saudi Aramco and the South African National Oil.
“Saudi Aramco and South Africa’s Central Energy Fund are moving forward with the feasibility study and identifying the parameters of the project,” Falih told reporters in Pretoria, South Africa’s administrative capital.
