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Africa's hidden oil hub grows after making millions for traders

Oil hub Saldanha Bay is expanding with new storage facilities at the port north of Cape Town, which is accessible to supertankers serving routes between key markets in Asia, Europe and the Americas.

Bloomberg
Photo: Bloomberg

For oil traders, there is no place quite like Saldanha Bay. When prices slumped in 2014, trading houses generated outsize profits by storing millions of barrels of crude in the deep-water harbor north of Cape Town.

Now storage facilities at the port – where South Africa built vast concrete bunkers in the 1970s that helped insulate the apartheid regime from United Nations oil sanctions – are expanding.

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