PetroSA bags a chinese deal

Pretoria – PetroSA has signed a memorandum of understanding (MoU) with the China United International Petroleum & Company Ltd. (Unipec) – one of the world’s largest oil trading companies to secure oil.

“The understanding makes it possible for the two organisations to discuss the development and operation of a suitable business arrangement in the purchase and sale of crude oil and refined petroleum products,” the national oil company’s spokesperson Kaizer Nyatsumba said.

The MoU also allows for the two companies to identify areas of cooperation in the supply of crude oil, refined products and logistics. The memorandum was signed on the sidelines of Deputy President Kgalema Motlanthe’s state visit to China.

“PetroSA has been given a mandate to secure South Africa’s fuel supplies. In order to meet this mandate and ensure that we grow into a leading African energy company, we must form partnerships with credible, successful companies.

“Unipec is one such company. They have a proven track record and are respected the world over,” said PetroSA acting president and CEO Yekani Tenza.

Unipec specialises in the international importation and exportation of crude oil and oil products and in the processing business of such commodities. – BuaNews