Investment affected by environmental impact compliance
ENVIRONMENTAL IMPACT Oil refineries need to take steps to reduce their environmental impact to pacify investors
Photo by Bloomberg
South African oil refineries need to be aware of their impact on the environment to comply with changing legislation and to further investment opportunities, states Norton Rose Fulbright insurance litigation director Caroline Theodosiou.
“Oil refineries need to ensure that, if they are increasing their capacity or the amount of oil they produce, they do not cause harm to the environment.”
She notes that where such harm is foreseeable – and it can be argued that the negative impact on the environment and resultant extreme changes in the weather are foreseeable – refineries need to take appropriate steps to guard against this.
Being able to show that they have taken climate change into account, and steps to ensure that they reduce the negative impact of oil production and disposal on the environment, would positively impact on oil refineries’ ability to obtain insurance and attract investors, Theodosiou explains.
While the causes of extreme weather events have not been fully established, the negative impact of human activity on the environment is thought to be part of the problem. “To this end, if oil refiners are able to take steps to reduce emissions or provide better mechanisms of disposing of used oil, for example, this will impact positively on the environment and should theoretically slow down the effects of climate change,” Theodosiou concludes.
Article Enquiry
Email Article
Save Article
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Flatproofing tire technology engineered to perform in extreme mining environments.
VISIT SHOWROOM
We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
