New South Africa State Oil Firm to Start Without Part of PetroSA
- SANPC will include iGas, SFF, and PetroSA’s stake in Jubilee
- Mossel Bay plant among assets that need ‘further work’
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South Africa gave approval for its new state-owned oil company to start operating, but the business will exclude some operations of predecessor PetroSA because they’re not financially viable.
The South African National Petroleum Co. will combine two of the three units of the Central Energy Fund — storage divisions iGas and the Strategic Fuel Fund — the new entity said in a statement Wednesday. It will also include PetroSA’s stake in Ghana’s Jubilee oil field and its oil-trading business, while excluding its gas-to-liquids refinery in the South African town of Mossel Bay.