South Africa: PetroSA Plans Acquisitions in Downstream
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Monday, 31 October 2011 |
South Africa’s National Oil Company, PetroSA, has announced that it will enter the local downstream market by buying assets from major oil companies. Acting CEO Yekani Tenza confirmed that the company had a preference for buying existing assets rather than building up a network from scratch.
PetroSA produces petrol, diesel, kerosene, fuel oil, liquefied petroleum gas and other products from its Mossel Bay refinery in the Western Cape. It sells its products to international companies, which then sell under their own brands. Writing in the company’s annual report, Tanza also revealed that PetroSA would revive plans to import LNG to its refinery, and that the company had returned to profit, posting earnings of R356m.
PetrolWorld 31102011
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