South African petroleum products supplier Astron Energy plans to infuse 6 billion rands ($420 million) in the country's downstream sector over the next five years.
Astron Energy said that $54.5 million will be injected in the first year to renovate and modernize the 110,000 barrels per day refinery based at Cape Town.
The refinery mainly processes a mix of Persian Gulf, Saudi and West African crudes and produces a typical yield of around 45 percent to 50 percent diesel and around 5 percent to 12 percent of fuel oil and asphalt.
Recently, the $973 million deal that concluded the sale of Chevron's assets in South Africa and Botswana to trading and mining company Glencore resulted in the formation of Astron Energy.