France’s Rouen commercial court has rejected a takeover offer from Dubai based Netoil for the French Petroplus refinery. An offer from Libyan firm, Murzuq Oil, was also rejected, ending a 16 month search for a buyer. The implications of this are that the plant will ultimately be liquidated.
The Numaligarh Refinery Limited (NRL) has signed an agreement with the State Bank of India to raise US$ 90 million in order to finance its capital projects. NRL will be utilising the borrowed funds primarily to part finance its ongoing wax project at an estimated cost of Rs 577 crore. The plant is scheduled to be commissioned within the current year.
The UK has blocked Royal Dutch Shell’s attempts to settle a US$ 2.3 billion debt owed to Iran by paying in kind with grains or pharmaceuticals.
Shell has been attempting to find a way around international sanctions that prevent it paying in currency for crude it bought from the National Iranian Oil Company before an EU embargo on Iran came into effect, in July 2012.
BP has announced plans to invest R 2.5 billion in the upgrade of the Sapref refinery in Durban. Sapref is a joint venture with Shell, and it is expected that Shell will match BP’s investment.
The Sapref refinery is being upgraded to meet clean fuel specifications that the government plans to implement by 2017.
This particular upgrade forms part of wider plans by BP to improve oil refining and storage in the region. The firm intends to invest R 5.5 billion (US$ 596 million) in total, with R 4.7 billion being invested specifically in South Africa. The remainder will be spent on the construction of 40 – 50 fuel retail sites across the continent, and the upgrade of existing forecourts.
PetroSA is considering constructing a new oil refinery in Port Elizabeth in order to meet the country’s increasing energy demands. The project is still in the initial stages of a feasibility study, which it has estimated could take up to two years.
Edited from various sources by Emma McAleavey.
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