The CDC said if the government finally approved the project, the refinery may be up and running by 2015.

The Eastern Cape based Coega industrial development zone is the preferred location for the $11 billion project named "Project Mthombo", a PetroSA's crude oil refinery.

Khwezi Tiya, executive manager for business development at the CDC, said the corporation expected the government to decide on the final study within three months.

The study is the crucial phase before the construction of the oil refinery begins.

Tiya said about R2.4 billion is required to carry out the final study, front-end engineering and design study, which details the construction of the project.

After the government's approval, the final study will be expected to be completed within 18 months to two years.

Both the location and pre-feasibility studies had been completed and these jointly cost about R200 million, Tiya said.

The CDC, Tiya said, is ready to proceed with the strategic facilitation of the PetroSA project.

Tiya said the final study of Project Mthombo will pave the way for the construction likely to begin after 2012.

The actual construction would last for three years, he said.