The commodities-trading giant agreed when it bought the plant to make the investment in the facility within five years, a period that ends near the end of this month. South Africa has indicated discussions over the matter are ongoing, while Glencore said it remains committed to the investment.
The Department of Trade, Industry and Competition"can confirm that it is in negotiations with Glencore and the two are on course to reach an agreement," it said by email, without specifying a timeline."The department is confident that once an agreement is reached and signed, the committed funds will be spent accordingly."
South Africa’s refining system has been plagued by underinvestment, with the nation losing about half of its oil-processing capacity in recent years. Plants have closed as cleaner fuel specifications loom, though fires and floods have also been a factor. Glencore and local partner Astron Energy"remain committed to spending R6 billion to upgrade the refinery and thereby supporting an ongoing refining industry in South Africa," the trader said in response to questions. last year — has invested so far. Investments have been made in the facility, and production levels are in line with commitments, the company said, adding that it maintains communication with the government over additional progress.
The company acquired the 100 000 barrel-a-day refinery from Chevron Corp. five years ago, usurping a bid from China Petroleum & Chemical Corp. It owns the asset through a majority holding in Astron.
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