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2020-06-16 13:15:00

SOUTH AFRICA'S OIL COMPANY

SOUTH AFRICA'S OIL COMPANY

ENERDATA15 Jun 2020 - The government of South Africa has approved the merger of three oil and gas subsidiaries of the state-owned Central Energy Fund (CEF) into a National Oil Company. The three companies are namely the Strategic Fuel Fund (SFF), which manages the country's strategic crude oil stockpile, the gas development company iGas and PetroSA, which operates the Mosel Bay gas-to-liquid (GTL) refinery and explores for petroleum. PetroSA operates the FA-EM, South Coast and F-O gas fields that supply the 45,000 bbl/d Mossel Bay GTL plant. In the financial year 2018-2019, PetroSA recorded a net loss of ZAR2.1bn (US$123m) and a debt of ZAR1.9bn (113m).

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Tags: SOUTH AFRICA, OIL