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    The Star: Petronas calls off deal with PetroSA

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Summary

Petroliam Nasional Bhd (Petronas) is said to have called off its divestment of Engen Petroleum to PetroSA

by: Sruthi

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Press Notes, Africa

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The Star: Petronas calls off deal with PetroSA

Petroliam Nasional Bhd (Petronas) is said to have called off its divestment of Engen Petroleum to PetroSA. According to reports, South Africa’s national oil company, PetroSA used to sit on a cash pile of 11 billion rand (RM3.37bil) in 2009 but its coffer had halved to five billion rand (RM1.53bil).

Engen is South Africa’s biggest fuel retailer and Petronas has an 80% stake in it, worth some 18 billion rand (RM5.52bil). Johannesburg-based private equity firm Pembani Group Ltd holds the remainder.

PetroSA confirmed receiving Petronas’ letter calling off the deal but Petronas has yet to respond to StarBiz’s queries at press time.

PetroSA corporate affairs vice-president Zama Luthuli was quoted as saying: “I can confirm that our CEO, Nosizwe Nokwe-Macamo, received a letter dated Dec 17, 2014 from Petronas.
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