Soybean oil is traded at the Chicago Board of Trade in contracts of 60,000 pounds at a time. Prices are listed in cents and thousandths of a cent per pound, with a minimum fluctuation of 5/1000 cents. It has been traded there since 1951.
Who owns the SAPREF refinery in Durban?
Image: Supplied The state-owned Central Energy Fund (CEF), which comes under the Department of Mineral Resources and Energy (DMRE), has bought the Sapref refinery precinct in Durban for R1. Sapref, South Africa¡¯s largest refinery, was jointly owned by oil majors BP and Shell.
Which Durban refineries have made good on their threats?
In the latest round, the two Durban refineries made good on their threats. Engen (Petronas) in 2020, following an explosion and fire, and Sapref (Shell and BP) after its temporary closure during the insurrection in July 2021. Natref appears to be playing a waiting game on the government¡¯s latest deadline, which has been shifted from 2023 to 2027.
Why are oil refineries closed in South Africa?
Refinery closures in South Africa are shots fired in the long running contestation between the oil refiners and the government, which has been trying to introduce cleaner fuels.