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South Africas national oil company PetroSA Thursday said it signed a memorandum of understanding with China International United Petroleum & Chemical Corp., or Unipec, for the purchase and sale of crude oil and refined petroleum products.
"It allows for the two oil companies to identify areas of cooperation in the supply of crude oil, refined products and logistics," PetroSA said.
The deputy president of South Africa, Kgalema Motlanthe, is in China this week and signed the deal during the visit.
Unipec is a subsidiary of China Petroleum and Chemical Corp. (SNP), known as Sinopec.
"PetroSA has been given a mandate to secure South Africas fuel supplies," PetroSA acting CEO Yekani Tenza said. "In order to meet this mandate and ensure that we grow into a leading African energy company, we must form partnerships with credible, successful companies. Unipec is one such company."
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