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FINANCIAL NEWS
Saudi Binladin to invest $139m in Senegal refinery
02 May 2010
(MENAFN) A senior executive at Saudi Binladin Group said that the group?s oil and petrochemical unit will invest $139 million to more than quadruple production at a Senegalese oil refinery, Bloomberg reported.
He pointed out that Saudi Binladin?s Petroleum Chemical and Mining Co. (PCMC) will expand refining capacity at Societe Africaine de Raffinage to 130,000 barrels a day from 27,000 barrels.
PCMC will pay for 30 percent of the $465 million expansion project in an agreement that will boost its stake to 51 percent. Stakeholder Total SA of France would hold 20 percent and the rest would be owned by Senegal?s government, he said.
The investments will fund desulphurization and hydrocracking units that will boost the refinery?s capacity to around four million tons a year from one million tons, according to Senegal?s energy ministry.
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