Glencore founder Ivan Glasenberg is reinforcing his long standing bet on South Africas energy sector, with the commodities giant committing R6 billion 328 million to upgrade Astron Energys petroleum refinery in Cape Town.
The investment marks one of the largest private sector commitments in the country in recent years and signals Glencores intent to strengthen Astron Energy as a major player across southern Africa. The Cape Town refinery, which can process about 100,000 barrels of petroleum products a day, remains central to that strategy.
As South Africas third largest refinery, the facility plays a critical role in the local fuel supply chain at a time when the country faces growing reliance on imported refined products. Industry analysts say the plant has become an economic anchor, generating an estimated R95 billion in revenue for the local economy and supporting more than 50,000 jobs directly and indirectly.
