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Johannesburg - SA's national oil company PetroSA
and its Mozambican counterpart Petromoc are looking at ways to pursue
mutually beneficial opportunities such as possible downstream investment
opportunities in Mozambique and the leasing of Petromoc's storage
facilities to PetroSA.
The two companies on Wednesday signed an agreement that establishes cooperation between the two state-owned companies in the areas of oil trading and supply in southern Africa.
This said PetroSA was "part of its on-going efforts to realise its ambition to become a leading African energy company".
"Mozambique offers PetroSA an important foothold into the Southern African Development Community (SADC) market," said PetroSA acting president and CEO Yekani Tenza.
"The SADC region is an integral and important area for our growth prospects, with immense opportunities," Tenza said.
This agreement follows on the heels of a series of similar accords that PetroSA has recently concluded with counterparts like Chinese oil conglomerate Sinopec, the Korean National Oil Corporation, Italian energy group Eni and NYSE-listed General Electric.
Petromoc CEO Nuno de Oliviera said that Petromoc had always believed that partnerships between national oil companies could bring about mutual benefits for the companies involved and for their respective countries.
"Mozambique is well positioned in the SADC region. Given Petromoc´s extensive competitive advantages in the downstream arena, and especially its extensive storage capabilities, we believe that we can play a strategic role to strengthen and grow both companies," De Oliviera said.
The two companies on Wednesday signed an agreement that establishes cooperation between the two state-owned companies in the areas of oil trading and supply in southern Africa.
This said PetroSA was "part of its on-going efforts to realise its ambition to become a leading African energy company".
"Mozambique offers PetroSA an important foothold into the Southern African Development Community (SADC) market," said PetroSA acting president and CEO Yekani Tenza.
"The SADC region is an integral and important area for our growth prospects, with immense opportunities," Tenza said.
This agreement follows on the heels of a series of similar accords that PetroSA has recently concluded with counterparts like Chinese oil conglomerate Sinopec, the Korean National Oil Corporation, Italian energy group Eni and NYSE-listed General Electric.
Petromoc CEO Nuno de Oliviera said that Petromoc had always believed that partnerships between national oil companies could bring about mutual benefits for the companies involved and for their respective countries.
"Mozambique is well positioned in the SADC region. Given Petromoc´s extensive competitive advantages in the downstream arena, and especially its extensive storage capabilities, we believe that we can play a strategic role to strengthen and grow both companies," De Oliviera said.
