South Africa: Petro SA & Coega Developmemnt Corp Sign Agreement
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Wednesday, 07 October 2009 |
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PetroSA and the Coega Development Corporation (CDC) have signed a co-operation agreement for the planned Coega oil refinery.
PetroSA's 400 000 barrels per day crude oil refinery planned for
Coega would be a major tenant in the CDC, the parties said in a joint
statement this week. The agreement clarified the roles and
responsibilities of the parties in the Coega Industrial Development
Zone (IDZ) during the construction and operation of the refinery,
PetroSA's president and CEO Sipho Mkhize said.
It would give potential investors confidence the project was being
developed by major players in South Africa's economy. "The
agreement provides for the CDC to recognise PetroSA as the official
developer and promoter of the proposed refinery, the establishment of a
joint project team and a land allocation agreement for the
refinery." Mkhize said the two parties were considering other
opportunities in secondary industries towards the establishment of the
Coega IDZ as a petrochemical hub serving the whole of Southern Africa.
PetrolWorld 061009
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