PetroSA Signs Co-operation Agreement with Cohydro SARL

Source: www.gulfoilandgas.com 10/23/2012, Location: Africa

In a further move to advance its vision to be a leading African energy company, PetroSA signed a cooperation agreement with Cohydro Sarl, the Democratic Republic of Congo’s (DRC) National Oil Company (NOC).

The agreement ensures that the two NOCs will develop a framework for cooperation and jointly pursue oil and gas opportunities in the DRC. A Co-Operation Committee consisting of members from PetroSA and Cohydro Sarl has been established to facilitate the implementation of the agreement.

Cohydro Sarl was established in 1999. The company is involved in the exploration, exportation, importation and distribution of hydrocarbons in the DRC. The company is at the forefront of efforts to explore the DRC’s hydrocarbon potential.

PetroSA Group CEO Ms Ms Nosizwe Nokwe-Macamo said the agreement represented a significant milestone.

“PetroSA faces an exciting future. We are pursuing several growth initiatives. At the core of this is the establishment of strategic partnerships with several NOCs located on the continent and internationally,” she said.

“PetroSA is poised to grow into a leading integrated African energy company. This requires the nurturing of strategic partnerships that can assist PetroSA to achieve its objectives across the value chain,” Ms Nokwe-Macamo added.

In recent months PetroSA has established relationships with, among others, Mozambique’s PetroMoc, the People’s Republic of China’s Sinopec, and the Korea National Oil Corporation. The South African NOC has also forged relationships with New York Stock Exchange-listed General Electric, as well as Eni, the Italy-based international integrated energy company. In September, PetroSA also acquired a minority interest in Ghana’s prolific Jubilee oil field.


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