$400m gas deal

The Sunday Independent - - BUSINESS -

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.

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