South Africa's energy minister, Gwede Mantashe, has approached the National Treasury for additional public funding to revive the country's state-owned refineries, news24.com reports. The request follows what the outlet describes as a R117 billion bet on a refinery it calls dead.
According to news24.com, the push concerns two inactive refineries, and the cost of bringing them back into operation exceeds $8 billion. Reuters and Engineering News both put the figure at $8 billion, while Business Insider Africa describes South Africa as the continent's largest economy seeking to restart the two plants.
The reporting indicates the money already committed has not produced a working refinery, and that Mantashe is now looking to Treasury — meaning taxpayers — for further financing. No details were provided on how much new funding is being sought or where it would come from.
The refineries in question are state-owned assets, and their revival has been framed in the coverage as a multibillion-dollar undertaking. The $8 billion figure cited by Reuters, Engineering News and Business Insider Africa covers the estimated bill to restore the two facilities to service.
What to watch next: whether the Treasury agrees to release additional funds, and how much of the cost will fall on public finances.
