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ActionSA Writes to Mineral Resources Minister to Provide Details on PetroSA’s R3.7bn Gazprombank Deal


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ActionSA Writes to Mineral Resources Minister to Provide Details on PetroSA’s R3.7bn Gazprombank Deal

Image of Mineral Resources and Energy Minister, Gwede Mantashe
Mineral Resources and Energy Minister, Gwede Mantashe

12th December 2023


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ActionSA has written to Mineral Resources and Energy Minister, Gwede Mantashe, to provide details about PetroSA’s $200 million, or roughly R3.7 billion, deal with Russian-based Gazprombank to restart operations at the Mossel Bay Refinery.

While we are aware of South Africa’s urgent need to ensure energy stability, ActionSA is concerned about the secrecy surrounding the deal and allegations that the tender processes were slanted to favour Gazprombank. When concerns were raised by PetroSA’s internal bid evaluation committee and board, it was reportedly overruled.


It remains unclear whether the $200 million deal will be in the form of an investment or a loan, what the terms of that agreement are or what the shareholding will look like, who will get the profits from Mossel Bay Refinery, and whether Gazprombank will get access to any South African patented technology.

ActionSA can therefore simply not support a deal which may not benefit the South African people, and further increase the risk for international sanctions at a time when South Africans are already facing a cost-of-living crisis. We ask that Minister Mantashe urgently inform the South African public of the details of the deal to ease concerns.


In line with our energy policy adopted in September 2023, ActionSA believes that the government’s role in South Africa’s energy security involves creating a policy environment to stabilise supply, incentivise large energy efficiency, and efficiently manage operational factors like infrastructure, crime, and Eskom.

A decentralised energy market is the most efficient way to provide affordable and reliable energy to all of South Africa, while the state should play a developmental role to ensure vulnerable communities are assured of energy supply.

ActionSA will work tirelessly to ensure that all deals completed by the South African government are in the best interest of the South African people, and does not further place a strain on already struggling consumers.


Issued by ActionSA President, Herman Mashaba                                           


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