BP to invest about $540 million in South Africa over next five years

JOHANNESBURG Tue Apr 23, 2013 9:27am EDT

A BP logo is seen on a petrol station in London November 2, 2010. REUTERS/Suzanne Plunkett

A BP logo is seen on a petrol station in London November 2, 2010.

Credit: Reuters/Suzanne Plunkett

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JOHANNESBURG (Reuters) - British oil company BP (BP.L) 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 (PIKJ.J).

The company said it would also be investing in neighboring Mozambique.

(Reporting by Helen Nyambura-Mwaura; Editing by Jon Herskovitz)

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