PetroSA consolidates relationship with China; Signs further partnership agreement with Sinopec
Beijing, People’s Republic of China, 30 September 2011 – PetroSA, South Africa’s National Oil Company (NOC), today (Friday) signed a Memorandum of Understanding (MoU) with the Sinopec Group, China’s state-owned petroleum and petrochemical enterprise.
Among the Sinopec Group’s subsidiaries is the China Petroleum and Chemicals Company (Sinopec Corp.), which is ranked 5th in the Fortune Global 500 index for 2011. With cash reserves of more than US$100 billion, Sinopec Corp. is listed on the Hong Kong, New York, London and Shanghai stock exchanges. It, among others, specialises in industrial investment, the marketing and comprehensive utilization of oil and natural gas, oil refining, and transportation of petrochemicals.
The MoU will create the conditions for cooperation in the areas of developing a crude oil refinery, exploration, development and production of hydrocarbon opportunities and on downstream activities.
The agreement with Sinopec follows, the signing this week of a similar MoU with one of the Group Company’s subsidiary’s Unipec, which is one of China’s largest oil trading firms.
Benny Mokaba, the PetroSA Board Chairperson, signed the MoU on behalf of the South African NOC, with Fu Chengyu, the Sinopec Chairman, signing for the integrated Chinese energy conglomerate. Dipuo Peters, the Minister of Energy, witnessed the occasion. PetroSA is part of the business delegation accompanying Deputy President Kgalema Motlanthe, during the two-day official visit to the People’s Republic of China.
Minister Peters said: “The MoU being signed today seeks to further give impetus to our growing relationship with the People’s Republic of China (PRC) and will further contribute to meaningful implementation of the Comprehensive Strategic Partnership concluded between South Africa and the PRC during the state visit by President Zuma in 2010. We are excited at the prospect of collaboration with Sinopec and the people of China as we invest in the energy security of our country”.
Dr Mokaba said the partnership with PetroSA would assist the NOC in its mission to be a leading African energy company.
“PetroSA is poised to grow into a leading integrated African energy company. This requires the nurturing of strategic partnerships that can assist PetroSA achieve its objectives across the value chain. Sinopec is a significant global player. The partnership with PetroSA can only be beneficial for all sides,” Dr Mokaba said.
“PetroSA has a successful history of exploiting its leadership in GTL technology to beneficiate local gas resources into liquid fuels,” he added.
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