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