MTN chairperson Phuthuma Nhleko could soon be a very wealthy man as he stands to have a stake in an asset that could yield $1 trillion from the recently-announced Brulpadda gas find which is located 275km south of Mossel Bay.
This is according to Helena Wasserman, editor of Business Insider South Africa.
She says Nhleko’s company Arostyle Investments owns 51% of a company called Main Street, which gives it about 5% of the gas exploration rights.
Nhleko is Main Street's only South African director.
Some estimates, and I think this widely optimistic, but they put the value at about $1 trillion and Nhleko would own a cool R685 billion.— Helena Wasserman, Editor - Business Insider South Africa
But Total has warned that it will cost more to extract oil in that region but it is a high-quality find.— Helena Wasserman, Editor - Business Insider South Africa
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This article first appeared on CapeTalk : MTN boss set to rake in billions from the Brulpadda gas find