27 March 2013 06:58 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Sinopec Group announced late Tuesday that it has signed a framework agreement with South Africa’s National Oil Company (PetroSA) to speed up the construction of a refinery at Mthombo at Port Elizabeth’s Coega Industrial Development Zone.
Under the agreement, the two partners will cooperate in oil and gas exploration and development in South Africa and its neighbors. The two will also seek investment opportunities in downstream projects, including construction or purchase of storage and logistics facilities in South Africa, Sinopec said in a statement.
The agreement is effective immediately and valid for two years, according to Sinopec.
The agreement follows a preliminary deal signed in May 2012, which said that the two will work together to study the building of the proposed refinery, Sinopec said in the statement.
The refinery is expected to be commissioned in 2018-2020, PetroSA said in May 2012.
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