As the economy is collapsing it is getting harder and harder for oil and gas projects to seek external funds to invest in their projects. PetroSA who is planning for a $9 billion refinery project is currently in the same situation as the state-owned oil and gas company starting negotiations with potential investors.
PetroSA is trying to get external fund for its new capacity 400,000 barrels a day refinery in Coega, answering South African Petroleum Retailers' Association call for security of oil supply via partnership between the government and the private sector. The country is currently facing poor sustainable oil supply due to low buffer in the country resulting from poor stock planning.
PetroSA vice-president of new ventures: midstream, Joern Falbe, said on Friday that PetroSA had "from the beginning" indicated that it was looking for a partner in the $9bn project.
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