African International to Buy 76% Stake in Ibhubesi

African International Energy Plc said it will pay $270 million for a 76 percent stake in the Ibhubesi gas project off the west coast of South Africa.

The field will be developed with the Petroleum Oil and Gas Corp. of South Africa, which owns 24 percent, Chief Executive Officer Aldworth Mbalati told reporters in Johannesburg today.

(Corrects size of stake bought in headline and first paragraph.)
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