South Africa sees new #Saudi-backed $10 bln refinery onstream by 2028 - Reuters

South Africa sees new Saudi-backed $10 bln refinery onstream by 2028 - Reuters:

South Africa’s Central Energy Fund (CEF), partnering with Saudi Aramco, expects a proposed new 300,000 barrel per day crude oil refinery along South Africa’s east coast to come onstream by 2028, making it the region’s largest refinery, CEF’s acting group chief executive said on Thursday.

Work on the project is still at an early stage, but indications are that it would cost in the region of $10 billion, said Kholly Zono, adding this cost excluded the development of a related petrochemical complex at Richards Bay.

Former Saudi Energy Minister Khalid al-Falih announced the project in January, ahead of plans by Saudi Aramco, the world’s biggest oil firm, to list its shares.