Speaker, as a mass-based organisation that is rooted among its people, reaching into every corner of this land, the African National Congress has the capacity and the capability to bring all stakeholders together to make them work together to make change happen faster.
This ANC-led government welcomes the signing, on Tuesday, 6 October 2009, of the memorandum of understanding between Coega Development Corporation and PetroSA. This memorandum of understanding will lead to the development of a new oil refinery in the deep water port of Coega, and it will be a stimulus and a catalyst for future change and future development in the Eastern Cape.
This refinery will inject not millions but billions of rands, and it will create 27 500 jobs during the construction phase and 18 500 permanent jobs, direct and indirect, and induced jobs during its operational phase. The planned refinery will be a major economic boost to the Eastern Cape. It will help with diversification in an economy that is totally dependent on the motor industry.
It will result in the reskilling of our people, the upskilling of our artisans and a huge economic boost for the area. This further justifies the establishment of the Coega port. Many sceptics were worried that the investment might become a white elephant.
The ANC-led government commends PetroSA and the Coega Development Corporation for the signing of this memorandum of understanding and hope that they will work speedily through conditions towards the establishment of this port, including the environmental assessment. Thank you. [Applause.]