Picture: Christian Hartmann/Reuters

CAPE TOWN - South Africa is looking to the national oil companies of its BRICS partners to help build a new 400,000 barrel per day refinery that will be structured by senior debt and equity, energy minister David Mahlobo told parliament on Tuesday.

“South Africa is at a tipping point regarding its refining capabilities,” Mahlobo said, adding that the cost of the new refinery was estimated at $10 billion in 2010. 

In October a 20-strong South African business delegation arrived in Novosibirsk for the 10th Investment and Trade Initiative (ITI) to Russia.

The business delegation to the ITI is organised and funded by the Department of Trade and Industry (the dti). The objective of the mission is to increase exports of agro-processing and clothing and textile products, as well as the built environment and capital equipment goods and services to the Russian market.  

Global Sales Director of the Bridge of Hope Wines Mojalefa Mosia said he was Russia as part of his company’s efforts to expand their export market in Russia as they are already exporting to Moscow.

“The mission has provided us with a perfect opportunity to find a market for our wines in Novosibirsk as we always wanted to export to other parts of Russia. We are confident that we will be able to successfully find a distributor or buyer that we can start doing business with in order for our wines to be sold in this part of Russia and other areas. This will enable us to grow our market,” said Mosia.

Read More: SA business people arrive in Russia for Investment Trade Initiative

-REUTERS