Refining & Processing

IPO for South African fuel giant Engen planned for 2020

October 01, 2019 | Downstream, Refining & Processing, South Africa

London, UK | – Petroliam Nasional BHd and its South African partners plan to conduct an initial public offering in their fuel retailer Engen to fund the upgrade of a refinery in the coastal city of Durban and to expand its network of gas stations. A yet to be decided amount of shares in the company, which is South Africa’s biggest fuel retailer, will likely be sold on the Johannesburg Stock Exchange in the first half of next year, according to people familiar with the …

Russian consortium pulls out of $4bn Uganda refinery contract

May 14, 2019 | Budget & Investment, Refining & Processing, Uganda

Kampala, Uganda | – Uganda’s government has suspended its deal with Russian consortium RT Global Resources to build a $4bn oil refinery and has invited alternative bids from a South Korean group. The contract with the state-owned Russian concern has been under discussion since February 2015, when Uganda announced that it had chosen it as preferred bidder for the 60,000 barrel a day plant. A project framework agreement was then signed the following May. There were initially 75 companies and consortiums bidding for the deal, which came …

Uganda government pushes oil refinery project to 2023

March 05, 2019 | Construction & Installation, Refining & Processing, Uganda

Kampala, Uganda |  — The consortium of Italian and American investors contracted to design, finance, construct and operate Uganda’s proposed 60,000 barrels per day oil refinery have completed and submitted the facility’s initial designs to the Ugandan government, with Energy Minister Irene Muloni saying they are “happy” with the latest configuration. A government delegation led by Ms Muloni and the Uganda Refinery Holdings Company (UHRC) general manager Michael Mugerwa was in Milan, Italy last week for discussions with the Albertine Graben Refinery Consortium (AGRC) to …

Saudi Aramco inks $10 billion China refinery deal

February 22, 2019 | Asia, Downstream, Refining & Processing

London, UK | – Saudi Arabian state-owned oil company Saudi Aramco signed a $10 billion deal to build a refining and petrochemical complex in China on Friday, as Saudi Crown Prince Mohammed bin Salman wrapped up a two-day trip to Beijing. The Saudi delegation, including top executives from Aramco, arrived on Thursday on an Asia tour that has already seen the kingdom pledge investment of $20 billion in Pakistan and seek to make additional investments in India’s refining industry. Aramco agreed to form a joint …

Egypt to invest $9bn in refineries’ upgrade over four years

January 22, 2019 | Egypt, Government & Regulations, Refining & Processing

Cairo, Egypt | – Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tonnes a year, the petroleum minister said. “We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek El Molla, said during a conference in Cairo late on Sunday night, without giving further details. Egypt currently has eight refineries with a capacity of 38 million tonnes, of …

Saudi to invest $10bn in South Africa for a new refinery, petrochemical plant

January 22, 2019 | Petrochemicals, Refining & Processing, South Africa

London, UK | – The South African Minister of Energy Jeff Radebe and his Saudi Arabian counterpart Khalid Al-Falih confirmed last week that the kingdom’s $10billion investment in South Africa would be for a new crude oil refinery and petrochemical plant. According to a statement issued by the energy department, the meeting was a follow-up on progress made since President Cyril Ramaphosa’s state visit to Saudi Arabia in July last year. Saudi Arabia and South Africa have been in talks regarding the building of a …

New mega refinery near Lagos on schedule, says Dangote

January 22, 2019 | Budget & Investment, Nigeria, Refining & Processing

Lagos, Nigeria | – Nigerian billionaire Aliko Dangote says he is on schedule for the completion by next year of his $15bn oil refinery, which will be one of the world’s biggest, despite analysts saying the timeline is ambitious. “There are quite a lot of challenges, but we’re moving,” Dangote told reporters at a conference in Paris about the plant, which is being built near Lagos, Nigeria’s commercial capital, and is designed to process 650,000 barrels of crude daily. “We’re still targeting next year for commissioning.” …

Sudan woos Russia and U.S. firms to build bigger oil refineries

December 09, 2018 | Budget & Investment, Refining & Processing, Sudan & South Sudan

London, UK | –  A year after the US removed a decade-long economic sanctions on Sudan, the country is in talks with American and Russian firms to build a bigger oil refinery at its main port on the Red Sea. Sudan government officials Tuesday revealed that TK Ural Trade of Russia had proposed to build a refinery with the capacity to process 200,000 barrels per day, while Energy Link International from the US offered to build one with 100,000 barrels per day capacity. Sudan’s Petroleum …