Vivo Energy boosts Durban fuel storage with $130 million

Vivo Energy, a subsidiary of the global energy trader Vitol, is investing approximately $130 million to expand its fuel storage capacity in South Africa. This strategic move focuses on the port city of Durban and is intended to buffer the nation against supply shocks that impact the global prices of Brent Crude Oil and West Texas Oil.

George Roberts, CEO of Engen, noted that the investment was planned prior to the heightened tensions between the United States, Israel, and Iran which have threatened energy transit through the Strait of Hormuz. The expansion will increase Durban's storage capacity by 125,000 cubic meters, bringing the total to 500,000 cubic meters. The project involves converting the former Engen refinery and upgrading the Island View facility, with completion slated between the third quarter of 2026 and late 2027.