Refinery Brings Sinopec Deeper Into Africa

BMI View: Sinopec's involvement in the Coega refinery ends PetroSA's long search for a partner to help finance the refinery's construction. Given Coega's location, we expect the refinery to not just fulfil domestic purposes, but to export some of its products to the wider Sub-Saharan African (SSA) market. Sinopec's decision to invest in Coega appears to be part of its strategy to diversify its refining operations to a region where there could be greater refining margins than in China.

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