Glencore to restart South African oil refinery in fourth quarter

Sasol

04/08/2022 12:53

LONDON, Aug 4 (Reuters) - Global commodities trader Glencore
will restart its Cape Town oil refinery in the fourth quarter
this year, more than two years after a deadly explosion
shuttered the plant, Chief Executive Gary Nagle said during an
earnings call on Thursday. 
    The 100,000 barrel-per-day refinery is run by Astron Energy,
which is majority owned by Switzerland-based Glencore. Two
people were killed in an explosion in July 2020. 
    The refinery is restarting after repairs as well as an
upgrade to several units. The company recorded an impairment
charge for the plant of $480 million last year.
    A shortage of oil refineries across sub-Saharan Africa
coupled with soaring crude prices because of the war in Ukraine
has left countries dangerously short of fuel supplies,
disrupting airlines and causing queues at filling stations.
 urn:newsml:reuters.com:*:nL5N2XB0SX
    The refinery restart will provide some relief to South
Africa, which is a net fuel importer.
    Out of South Africa's six refineries, only Sasol's Natref
crude oil refinery and its Secunda coal-to-liquids plant are
currently operational. 
    A Sasol spokesperson said the Natref is ramping back up this
week after declaring force majeure on crude oil supplies last
month.  urn:newsml:reuters.com:*:nL1N2YZ0E0    

 (Reporting by Julia Payne, additional reporting by Wendell
Roelf in Cape Town; Editing by Bernadette Baum)
 ((julia.payne@thomsonreuters.com; +44 207 542 1836;))