| PetroSA announces a major peg in the ground for the Coega world-class crude refinery |
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Cape Town - The National Oil Company, PetroSA, in keeping with its commitment to fast track this development, has today announced the appointment of HSBC as it's financial advisor for the $11billion, 400 000 barrel per day Coega Crude Refinery Project. HSBC, recognized as a leading global provider of project finance advisory services, was selected after a rigorous tender process that attracted strong competition from several top international and local financial institutions. HSBC will manage the investment funding and structuring arrangements of the project and provide strategic fiscal guidance for this high-profile venture that has already attracted numerous potential business partners. Says PetroSA's Chief Executive, Sipho Mkhize - "We are delighted to be working with a global partner of this calibre. HSBC's pedigree and track record with mega investment in the refining industry adds significantly to the confidence that the commercial market demands regarding projects of this nature". He added: "With the awarding of this contract, the Coega Refinery project is now entering the seminal chapter of an initiative that will make a significant contribution towards improving and sustaining South Africa's future liquid fuels needs - a principal objective of the Government's Energy Security Master Plan."
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