Business Report 18 October 2012.
State-owned oil and gas company PetroSA, which reported a R1.4 billion profit for the 2012 financial year to MPs yesterday, sent signals that a multibillion-rand crude oil refinery in the Eastern Cape – likely to source Venezuelan supplies – was on track.
Nokwe-Macamo, replying to questions about the crude oil refinery dubbed Project Mthombo, said feasibility studies would be completed in December. She did not believe the project would be moved from its envisaged site at Coega outside Port Elizabeth, even though there was no pipeline running from the area.
“There is a pipeline in Durban,” she said, urging journalists not to dwell on the issues of how the refined products would be transported…
(Editor’s note: We DESPERATELY need the Integrated Energy Plan. It is ridiculous to build a crude oil refinery in a place where there is no pipeline to transport the refined products in land and when we are approaching the end of cheap crude oil and the start of cheap gas. So, if fracking goes ahead we will be exporting gas and importing crude oil. Why not rather exploit Mossgas and import gas and turn it into liquid fuels? All we need are LNG import facilities. Something doesn’t sound right!)