Russia’s state-owned Gazprombank has won South African approval to refurbish a mothballed refinery in the country that would pave the way to restarting production.
President Cyril Ramaphosa’s cabinet said on Monday it had endorsed a recommendation by PetroSA, South Africa’s state oil and gas group, to work with the African arm of Russia’s third-largest lender on the project, which is estimated to cost about $200mn.
“This selection of Gazprombank is still dependent on the final investment decision that will be informed by a joint bankable business case” and other terms to be met next year, the South African cabinet added.
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