Soon after a company was appointed to partner PetroSA in a R21bn deal it's politically connected owner, Lawrence Mulaudzi, started scrambling to find entities with the requisite technical and financial capacity to execute the huge project.
PetroSA advertised a tender in January looking for a partner willing to invest at least $200-million (R3.7-billion) to refurbish the refinery. Twenty companies submitted bids, but the unusually strict technical criteria meant that 19 of the 20 were eliminated, leaving Gazprombank’s local subsid.
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