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South Africa

Oil & Gas

Oil traders fill South Africa storage to the brim

South Africa's 45 million barrel strategic crude reserve depot is filled to capacity as oil traders hoping prices will rise in the future snap up storage capacity, two industry sources told Reuters. The state-run Strategic Fuel Fund Association (SFF) operates six underground crude bunkers at the Saldanha Bay facility, one of the largest oil storage centres in the world. Global crude prices have remained depressed since a supply glut led to a more than halving of prices last year.

Oil & Gas

New South African crude blending terminal to supply Asia from 2017

Using the world's first dedicated crude oil blending terminal, South Africa will by 2017 mix different grades of crude oil for export to refineries across Asia, enabling them to produce cleaner fuels more cheaply, an official said on Thursday. Construction of the 2 billion rand ($161 million) fuel blending farm, which consists of 12 massive concrete bunkers, should start in August with the first output expected for the second quarter of 2017, said Pieter Coetzee, a director at OiltankingMogs, a joint venture firm developing the terminal. "Our model is based on blending of different grades of crude to supply a specific recipe to a refinery," Coetzee said.

Oil & Gas

Rosatom says Russia can fund South Africa $100billion nuke plan

Russia’s government is ready to help South Africa fund new nuclear plants, estimated to cost as much as $100 billion, if state-owned Rosatom Corp. is awarded the construction contracts, a company official said. Moscow-based Rosatom has suggested several funding models, including helping South Africa secure a Russian loan, Viktor Polikarpov, regional vice president for sub-Saharan Africa, said in an interview in Cape Town on Thursday. The loan duration might be 20 years and South Africa would only start repayment when the first plant starts operating, he said.

Africa

PetroSA suspends top three execs

PetroSA has suspended its top three executives amidst declining revenues. According to reports, South Africa's state oil company has also made the move as a result of poor investments and a failed bid to enter the fuel retail market.