Mantashe pins hopes on SA’s Saudi refinery

Mineral Assets and Vitality Minister Gwede Mantashe.

Mineral Assets and Vitality Minister Gwede Mantashe mentioned he hoped to influence Saudi oil main Aramco to revive its curiosity in constructing a refinery in South Africa.

The Saudi-SA refinery mission dates again to July 2018, when President Cyril Ramaphosa made his first state go to to the Gulf state and was earmarked for Richards Bay. Nonetheless, the proposal by no means materialized.

Throughout a go to to Saudi Arabia final month, Mantashe mentioned SA had once more put the refinery mission again on the agenda. It follows floods in KwaZulu-Natal province in April that broken key elements of Durban’s Sapref refinery. Mantashe had needed the Central Vitality Fund (CEF) to purchase Sapref after joint homeowners Shell and BP ceased operations in March.

Answering questions within the Nationwide Meeting on Wednesday, Mantashe mentioned: “We tried to revive Sapref, nevertheless it suffered a catastrophe in KwaZulu-Natal. We at the moment are reaching out to some gamers. Certainly one of them is Saudi Aramco, which is proposing within the nation. “

Mantashe advised MPs that the Strategic Fuels Fund is constructing further refined oil storage capability in Saldana and Mossel Bay to make sure the nation has enough strategic reserves. Of SA’s 10.3 million barrels of crude oil inventories, 6 million barrels are on account of be bought to cowl the price of the R1.50 value aid to customers earlier this yr.

SFF will scale back the chance of promoting these inventories by build up inventories of refined merchandise, he mentioned.

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