Saudi Binladin Group has bid 18 billion CFA francs ($37 million) to acquire a 34 per cent stake in Senegal's state oil refiner, Societe Africaine de Raffinage (SAR), Senegal's energy ministry said late on Monday.

The deal will be completed in the near future, ministry spokesman Malick Ndaw said by telephone, adding that the full value of the stake was 90 billion CFA francs.

He added that the Saudi group would be investing between 230-250 billion CFA into SAR to modernise it and boost capacity to 3 million tonnes per year from 1.2 million tonnes.

Officials at Saudi Binladin Group could not immediately be reached for comment.

In its current technical state, SAR is able to refine only light crude oil. Senegal's local market demand is 1.8 million tonnes.

French oil company Total has 20 per cent of SAR. The remaining stake is controlled by the Senegalese state, which has said it does not expect a long-term role in the business.-Reuters