BP to invest about $540 mln in S.Africa over next 5 years

JOHANNESBURG, April 23 Tue Apr 23, 2013 9:02am EDT

JOHANNESBURG, April 23 (Reuters) - British oil company BP intends to invest nearly 5 billion rand ($539 million) in South Africa over the next five years, half of which will be spent to upgrade a joint-venture refinery it owns with Shell called Sapref.

The upgrade will primarily be to comply with South Africa's proposed clean fuels requirements, group managing director Iain Conn said in a statement on Tuesday.

Some of the money will also go to opening 120 new convenience stores at fuel stations in partnership with South African retailer Pick n Pay.

The company said it would also be investing in neighbouring Mozambique. ($1 = 9.2715 South African rand) (Reporting by Helen Nyambura-Mwaura; Editing by Jon Herskovitz)

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