PetroSA signs $400m deal with Russian exploration company

Photo_Web_PetroSA_300715

PetroSA is set to make losses of about R15-billion for the latest financial year.

PetroSA is set to make losses of about R15-billion for the latest financial year.

Photo_Web_PetroSA_300715

PetroSA is set to make losses of about R15-billion for the latest financial year.

PetroSA is set to make losses of about R15-billion for the latest financial year.

JOHANNESBURG – PetroSA has entered into an agreement to put it on a growth path.

The country’s national oil and gas company has signed a $400-million deal with Russian exploration company Rosgeo.

The funds will be invested in oil and gas development.

READ: Central Energy Fund appoints new interim board at PetroSA

Through the project, up to 4-million cubic metres of gas will be extracted daily and sent to one of PetroSA’s refinery plants.

The embattled state-owned company has recorded massive losses in the past 3 years.

READ: Forensic report into PetroSA R14bn impairment under lock and key

It’s estimated it will post a R2,2-billion loss for the most recent financial year.