Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackPetroSA (The Petroleum, Oil and Gas Corporation of South Africa (SOC) Ltd.) is the national oil and gas company (NOC) of South Africa. Its main activities are the extraction of natural gas from offshore fields about 89 km from Mossel Bay, the production of synthetic fuels from this gas through a gas to liquids (GTL) process, and the extraction of crude oil from oil fields off the South Coast of South Africa.
Reducing Activities: company scaling back some business operations while continuing others
Stay Scaling BackPetroSA pushes for R3.7-billion ($200-million) deal with Russia's Gazprombank despite concerns over partnership. PetroSA's deal with Russia implodes: the choice of a sanctioned Russian bank was seen as risky by some and suicidal by others, but with Cabinet's seal of approval, the R3.7-billion deal had the political cover it needed to go ahead. Now, a year later, Gazprombank appears to have reneged on the deal, leaving PetroSA scrambling to find a new partner for the mothballed refinery, which is costing PetroSA upwards of R500 million a year to maintain.
November 22, 2023 | PetroSA pushes for R3.7bn deal with Russia’s Gazprombank despite concerns over partnership |