Faizel Patel, Radio Islam News – 21-01-2019
Saudi Arabia has agreed to build an oil refinery and a petrochemical plant in South Africa as part of the $10 Billion investment in the country.
Minister of Energy Jeff Radebe together with his Saudi Arabian counterpart Khalid Al-Falih met in Pretoria on Friday.
The purpose of the meeting was to follow up on progress of Saudi Arabia’s pledge to invest $10billion into the South African economy during President Cyril Ramaphosa’s investment drive and state visit to Saudi Arabia in July 2018.
Radebe and Al-Falih agreed that Saudi Aramco and the Central Energy Fund (CEF) will jointly conduct studies that will determine the next phase in the project.
Also discussed was the possibility of Saudi Aramco using tanks at Saldanha Bay to store crude oil which would improve security of the resource for South Africa and offer a strategic location for Aramco in the trading of crude oil.
Saudi Arabia supplies 40% of Crude oil consumed in South Africa.
The Ministers also discussed cooperation in Renewable Energy.
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