Speaking in the South African city of Johannesburg, BP’s Iain Conn told journalists that “it gives me great pleasure to announce that BP will be investing in excess of 5 billion rand in Mozambique and South Africa over the next five years, commencing in 2013, which will be new plant and infrastructure upgrades”.
Conn added that "with the improving investment climate, especially policy stability, being presented in Southern Africa, BP has decided to invest significantly for the benefit of all of our stakeholders”.
According to Conn, these projects will be financed from BP cash reserves with 800 million rand to be invested in Mozambique and 4.7 billion rand in South Africa.
He explained that "this investment is designed to improve safety, customer experience, operational efficiency, help government to improve energy security and enable the transition towards cleaner fuels".
More than a billion rand will be invested in oil terminals in the two countries.
He added, “we are encouraged by the progress being made in South Africa and Mozambique to establish an environment of policy certainty and continuity for all economic activity”.
Conn concluded that the investment was reinforcing BPs commitment to the region. BP also has operations in Namibia, Angola, Algeria, Libya, Egypt and Mozambique.
Post published in: Africa News