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PetroSA, China's Sinopec partner to build new refinery

May 23/2012

(downstreamtoday) -- South Africa's national oil company PetroSA and China Petroleum and Chemical Corp. (SNP), known as Sinopec, will build a refinery that could process several hundred thousand barrels of oil a day and cost several billion dollars to construct.

PetroSA Group Chief Executive Nosizwe Nokwe said Monday that by teaming up with the Chinese company it would enable the national oil company to complete the "mega" project, which has been in discussion since 2008 but has struggled to find sufficient funding.

China's resource companies are driving much of the country's foreign investment on the continent. In 2011, Standard Bank estimates merger-and-acquisition activity from China on the continent totaled USD5 billion.

China has also become Africa's biggest trading partner and the new refinery could play a role in helping China's ambition to expand global resource trading by being a destination for crude oil.
Author:Anna Larionova
Tags:oil, neftehimiya, Sinopec.
Category:General News
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