South Africa loses $4.7B on oil refinery closures
The South African Reserve Bank said the country’s oil import bill could have been $4.7 billion lower had it not closed refineries. Refining capacity in Africa’s largest economy has halved over the past decade, and imported refined fuel now supplies more than half of domestic demand. The country plans to at least triple its refining capacity amid concerns about exposure to global price shocks.
Why it matters: This matters for the theme of energy sovereignty, as the Iran war has prompted African nations to reassess their reliance on imported refined fuel.