BEIJING (Reuters) -- China's Sinopec said on Wednesday it has agreed to pay almost $1 billion for a 75% stake in Chevron Corp's South African assets and its subsidiary in Botswana, securing its first major refinery on the continent.
NEW YORK/SINGAPORE (Reuters) -- China's Sinopec is nearing a deal to buy Chevron's South African oil assets for up to $1 billion to secure its first major refinery on the continent, several people familiar with the matter said.
Germany-based MAN Diesel & Turbo will deliver two compressor trains to Nigerian Dangote Oil Refining Company, to be employed in the company’s refinery in the capital of Lagos.
According to Hydrocarbon Processing’s Construction Boxscore Database, more than $400 B is being invested in active petrochemical projects around the world.
Over the past decade, Africa’s oil demand has increased by more than 1 MMbpd, to nearly 3.9 MMbpd. Africa’s oil production is more than double the amount it consumes, but lack of investment, failing infrastructure and inadequate refining capacity force the continent to rely on imports to satisfy increasing fuel demand.
The global petrochemical sector will continue to see strong growth through the end of the decade, despite a decrease in new project announcements. The crash in energy markets has shifted the industry’s mindset from bullish to optimistic.
ABUJA (Reuters) -- Nigeria's upper house of parliament will investigate allegations the state oil company illegally inflated funds it collected from an official subsidy scheme to $17 billion between 2006 and 2015, lawmakers said on Wednesday.
CAPE TOWN, South Africa -- Oiltanking MOGS Saldanha Ltd, a JV between Oiltanking GmbH and MOGS Ltd, announced the construction of an independent crude oil and blending storage terminal in Saldanha Bay.
Royal Vopak and its partner Reatile announce that the investment decision has been taken to further expand their activities in South Africa. In line with previous expansions this investment aims to enhance Vopak's infrastructure to help meet South Africa's increasing demand for petroleum products.
CASABLANCA (Reuters) -- The court-appointed manager of Morocco's oil refiner Samir said on Monday he had received about 20 offers for the company from foreign investors.