(Posted 02nd July 2024)
bp South Africa has made fresh investments in infrastructure development, local content empowerment and decarbonization initiatives under a broader agenda to expand fuel distribution and access
bp South Africa – a subsidiary of global energy major bp – returns to the African Energy Week (AEW): Invest in African Energy conference – taking place November 4-8 in Cape Town – as a platinum sponsor. The company’s return signals a commitment to engaging with industry and regional counterparts under a common goal of making energy poverty history.
In recent years, bp South Africa has made fresh investments in infrastructure development, local content empowerment and decarbonization initiatives under a broader agenda to expand fuel distribution and access. As Africa maximizes the development and use of its oil and gas resources to meet industrialization targets, improving partnerships with committed investors such as bp South Africa becomes imperative.
bp South Africa has a strong history of providing fuel and related products to South Africa, having invested in importation, refining and distribution for over 100 years.
The company announced a five-year $1 billion investment package to enhance its operations in South Africa, including the modernization of its 50% owned SAPREF refinery in Durban in June 2023. The aim is to enable the 180,000 barrels per day refinery to produce low sulfur diesel, in line with the firm’s new low carbon energy specification for environmental sustainability. Additionally, bp South Africa manages the Single Buoy Loading and Offloading Mooring facility, managing up to 85% of South Africa’s crude oil imports. bp South Africa is also channeling significant investments into enhancing South Africa’s port and storage infrastructure with the firm operating six fuel storage terminals in-country.
Going forward, the company is enhancing fuel distribution to meet the growing demand of petroleum products through the expansion of its retail business in South Africa. The company has over 500 branded service stations across South Africa. bp South Africa is also transforming the country’s workforce through investments in local empowerment. In August 2023, the company invested R58 million to stimulate black-owned businesses with a target to have 70% of its service stations operated by black dealers by 2025.
Under the theme, Energy Growth through an Enabling Environment, AEW: Invest in African Energy will feature bp South Africa in high-level panel discussions and exclusive networking sessions, spotlighting the company’s investment endeavours, steadfast commitment and strategic vision to propel Africa’s energy industry forward.
“To make energy poverty history by 2030, Africa needs new investment in refining and distribution. bp South Africa is making great strides in this area under efforts to accelerate industrialization and fuel access in South Africa,” stated NJ Ayuk, the Executive Chairman of the African Energy Chamber.
AEW: Invest in African Energy serves as the largest event of its kind in Africa. Uniting African presidents, government, and national companies with global investors, project developers and technology providers, the event drives investment across the entire value chain. This year’s edition takes place in Cape Town.
