Saudi Arabia is planning to build an oil refinery in South Africa, as part of a huge investment in the country.
Saudi Arabia's Minister of Energy, Khalid Al-Faleh, said yesterday that the Kingdom is planning to build an oil refinery and petrochemical factory as part of investments worth tens of billions of dollars in South Africa, Reuters reported.
After a meeting with the South African ministry of energy, Al-Faleh said that Saudi Arabia's national oil company Aramco will lead the use of Saudi oil in this refinery, adding: "There is an exchange of discussions among Aramco teams and this is supported by the ministry of energy in South Africa."
The South African minister said that the planned location for building the refinery and petrochemical factory will be named in the coming weeks.
Al-Faleh added that Saudi Arabia is interested in tapping into the huge oil reserves in South Africa, saying that Saudi firm Aqua Power is also looking to invest in renewable energy in South Africa.