Saudi Arabia and South Africa are to strengthen their resurgent business partnership with promises by the Kingdom to build an oil refinery and petrochemical complex in South Africa.

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President Cyril Ramaphosa has signed a Memorandum of Intent (MOI) with Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Eng. Khalid bin Abdulaziz Al-Falih and Minister of Trade and Investment Dr Majid bin Abdullah Al-Qassabi.

The MOI will study the establishment of an oil refinery and a petrochemical complex, in the country, during which time a location for the project will be determined.

The projects will form part of the Kingdom of Saudi Arabia’s pledge to invest USD10-billion into the South African economy in response to President Cyril Ramaphosa’s USD100-billion investment drive, and will be under the supervision and cooperation of Saudi Aramco company and the South African National Oil company.

Saudi Aramco will also investigate prospects for making commercial use of South Africa’s crude oil storage tanks in Saldanha Bay.