PetroSA signs partnership greement with UNIPEC, China’s largest oil trading company
Beijing, People’s Republic of China, 29 September 2011 – PetroSA, South Africa’s National Oil Company, today concluded and signed a ground-breaking Memorandum of Understanding (MoU) with the China United International Petroleum & Company Ltd. (Unipec), one of the world’s largest oil trading companies.
The MoU 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. It also allows for the two oil companies to identify areas of cooperation in the supply of crude oil, refined products and logistics. The MoU was signed on the sidelines of the state visit to the People’s Republic of China, by the Deputy President of South Africa, Kgalema Motlanthe.
A subsidiary of Sinopec, the listed Chinese petrochemical giant, Unipec specialises in the international importation and exportation of crude oil and oil products and in the processing business of such commodities.
To give effect to the MoU, PetroSA and Unipec will soon establish a working group to investigate and evaluate opportunities.
Yekani Tenza, PetroSA’s Acting President and CEO, welcomed the MoU.
“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,” he said.
“They have a proven track record and are respected the world over,” Mr Tenza added.
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