Petroleum Africa
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Monday, May 22, 2017
South Africa is looking for an investor to kick-start a refining project that has been in the works for nearly a decade. PetroSA’s Mthombo refinery has been stalled for a number of years and now the state-run firm is looking to investors in West Africa and the Middle East to partner with it on the refinery. No country is off the table, including Iran.
The government put the project on the back burner in 2010 due to its $10 billion price tag and PetroSA’s lack of equity partners.
Energy minister Mmamoloko Kubayi told parliament that the cabinet expects to decide by December whether to build the refinery. South Africa’s current refining capacity does not meet its needs and its oil import bill is growing.
Kubayi said the refinery was now urgent and a public-private partnership to develop the refinery, which would be majority owned by the government, was the preferred approach.
“By the time any new refinery is completed, the country will be importing in excess of a third of its fuel requirements,” she said.
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