PetroSA seeks exploration contracts in Egypt, Algeria and Angola

Oct 14, 2004 02:00 AM

PetroSA planned to explore oil blocks and to seek oil refinery contracts in Algeria, Egypt and Angola, Sipho Mkhize, the CEO of the state-owned oil company, said.
"We are looking at participating in bidding rounds in Egypt," Mkhize said. Officials from PetroSA would visit Angola in November and Algeria at the end of the year to "look at opportunities". The company wanted to "invest more in Nigeria to increase production rates".

PetroSA, already active in Nigeria and Gabon, runs the world's biggest refinery for converting natural gas into fuel at Mossel Bay and operates offshore oil fields.
Next year, South Africa will co-host the 18th World Petroleum Congress with Algeria, Angola, Libya and Nigeria in the hope of attracting more foreign investment in Africa's oil industry.

The Cape Town-based company expected decisions from the government and the central bank by month-end on whether it would be allowed to exercise rights to exploration blocks in Equatorial Guinea, Mkhize said.
"Weare a state-owned company, so the government wants to determine if the project is viable," Mkhize said. "Exchange controls mean we need the Reserve Bank's permission to invest outside the country."
Algeria planned to open bids for 10 exploration blocks on October 20, said Kamel Eddine Chikhi, a managing director of associations at Sonatrach.

Source: Business Report
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