JOHANNESBURG 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)
Allianz expects loss of around $224 million from sale of OLB
FRANKFURT, June 25 German insurer Allianz expects to book a loss of around 200 million euros ($224 million) from the sale of private bank Oldenburgische Landesbank to U.S. private equity firm Apollo, it said on Sunday.