British oil company BP intends to invest nearly 5 billion rand ($539 million) in South Africa over the next five years, half of which will be spent to upgrade a joint-venture refinery it owns with Shell called Sapref.

The upgrade will primarily be to comply with South Africa's proposed clean fuels requirements, group managing director Iain Conn said in a statement on Tuesday.

Some of the money will also go to opening 120 new convenience stores at fuel stations in partnership with South African retailer Pick n Pay .

The company said it would also be investing in neighboring Mozambique.

(Reporting by Helen Nyambura-Mwaura; Editing by Jon Herskovitz)