Oil refinery `will save SA billions`
18 October 2010
The proposed Mthombo crude oil refinery will help South Africa escape from the “dependency trap” of having to import refined automotive products, ultimately saving the country billions of rands, says President Jacob Zuma.
At the same time, the refinery, to be built at the Coega Industrial Development Zone near Port Elizabeth in the Eastern Cape, would showcase South Africa’s competitive ability to its counterparts globally.
Construction on the refinery, which will be the biggest in Africa, is expected to start in 2012, which would bring the refinery on stream by 2015.
The US$11-billion refinery, which would have a 400 000 barrel a day capacity, is meant to ensure security of fuel supply in South Africa. The country is currently dependent on [continue reading]