South Africa launched a new state-owned petroleum company, the South African National Petroleum Company yesterday. The SANPC was formed following the merger of the Central Energy Fund subsidiaries, iGas, PetroSA and the Strategic Fuel Fund.
However, following a rigorous assessment of the PetroSA business, the only financially viable division to be merged into the new company is Trading and the Ghana asset." It added that the remainder of the business that does not form part of the SANPC will form part of legacy assets requiring further work to be done before they could be transferred into the SANPC.
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