Johnathan Paoli
Cabinet has announced its approval of a partnership between Russia’s third-largest bank Gazprombank and PetroSA to restart its gas-to-liquids refinery in Mossel Bay, Cape Town.
Minister in the Presidency Khumbudzo Ntshavheni said on Monday that the partnership would effectively assist in the lowering of the price of fuel and was in line with the country’s partnership with other BRICS nations in order to increase trade and investment between the member states.
Ntshavheni said that the Cabinet was not aware of the fact PetroSA reportedly ruled out 19 out of 20 bidders for the R3.7 billion project, leaving Gazprombank the sole preferred investment partner.
“Cabinet noted the selection of Gazprombank is still dependent on the final investment decision that will be informed by a joint bankable business case as well as the terms and conditions which are expected to be finalised in April 2024,” Ntshavheni said.
However, Gazprombank is
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