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May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
May 24 2012 15:29
The Reserve Bank will maintain current interest rates, says governor Gill Marcus.
May 24 2012 12:00
Britain fell deeper into recession than initially thought in the first quarter of 2012, upping chances that the central bank could inject more stimulus into the economy.
Johannesburg - Sasol, the world's largest fuel from
coal producer, is reportedly among the foreign companies vying to acquire a majority
stake in Zambia's state-owned Indeni Petroleum Refinery.
India's Essar Group is said to be a competing bidder.
According to the Wall Street Journal, Indian website livemint.com and Zambian
independent newspaper The Post, Esaar wanted to use the refinery, one of the few
inland refineries in Africa, to supply petroleum products to the Democratic Republic
of Congo, Malawi, Zambia and even East Angola.
"The Zambian government has to take a decision whether they want to divest the
refinery along with the 1 300km Tazama pipeline that brings crude from Dar es
Salaam port in Tanzania," The Post quoted an unnamed source as saying.
Zambia's government last year became the 100% owner of the Indeni Petroleum
Refinery after French Oil giant Total Fina Elf dumped its 50% shareholding.
The Zambian newspaper said that the firm that wins the bid for the refinery would
have to invest around $100m for refurbishing and augmenting refining
capacity as its current configuration allows separation of only diesel and liquefied
petroleum gas.
Zambia's government is expected to take a decision on the stake sale by March this
year.
At 09:56 shares in Sasol were trading 2.70 rand lower at R315.30 on the JSE.
- I-Net Bridge