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The Nelson Mandela Bay Business Chamber has hailed Monday's agreement between Petro SA and Chinese state oil company, Sinopec.
The Chamber says it is a significant milestone on the road to securing the Project Mthombo oil refinery investment in the Coega Industrial Development Zone.
Petro SA and Sinopec signed an agreement that outlines the process by which the two companies will develop the business case for project Mthombo.
Business Chamber chief operations officer Samantha Venter said Project Mthombo has the potential to be a major catalyst for the socio economic transformation of the Eastern Cape.
"I think this is another step forward on securing the project on making sure that the business case is sound that the size of refinery they are going to build is the right size so it's a milestone in securing the project for the Metro" Venter said
