$400m gas deal
vices companies has seen the group offloading its assets.
Last month the group sold The New Age newspaper and 24-hour news channel ANN7 to former government spokesperson Mzwanele Manyi for R450m. The transaction was followed by Oakbay selling its Tegeta mining operations to a little-known Swiss national.
Another Gupta company, Oakbay Resources and Energy which in July ceased trading its securities on the local bourse after failing to find accredited sponsors and transfer secretaries, repaid R194 million of loans to BOB by the end of February, the firm noted in its earnings report in June. NATIONAL oil company PetroSA signs a $400 million agreement with Russia’s Rosgeo to develop oil and gas blocks in South Africa, saying it is looking at re-positioning itself towards future growth. Reports quote Rosgeo chief executive Roman Panov saying the agreement will see his company owning 70 percent of the project with PetroSA taking up the rest.