The Competition Tribunal will on Wednesday hear the proposal by PetroSA to increase its shareholding in the assets it owns jointly with Pioneer Natural Resources South Africa (Pioneer) and Petroleum South Cape (PSC).
PetroSA is a wholly owned subsidiary of the Central Energy Fund‚ which is owned by the government through the Department of Energy.
Pioneer SA and PSC are wholly owned by Pioneer Natural Resources USA‚ a company based in Delaware in the US.
The proposed merger entails the sale of certain assets of Pioneer SA and PSC to PetroSA. These assets consist of key agreements‚ mineral rights and related assets that enable a company to engage in offshore oil and natural gas exploration and production.
After assessing the deal‚ the Competition Commission concluded it was unlikely to raise significant competition concerns and has recommended that the Competition Tribunal approve the merger without conditions. - I-Net Bridge