The big news this week is the agreement signed between PetroSA and Russian company, Rosgeo, to develop oil and gas blocks in South Africa.
According to the press, the deal, worth $400 million (R5.17 billion), was signed on the sidelines of the ninth Annual Brics Summit in China and offers the embattled national oil company the opportunity to position itself towards future growth.
European media reports indicate that the deal is lopsided to the benefit of Rosgeo. According to Rosgeo ‘s chief executive, Roman Panov, the firm would own 70 percent of the project with PetroSA taking up the remaining 30 percent.
PetroSA would not confirm or deny this.
An internationally operated abalone syndicate, known as “The Enterprise” faced the music in the Western Cape High Court this week on 116 charges collectively.
According to the press, the state presented papers saying The Enterprise employed people to collect, clean, dry, freeze and store abalone, which was then packaged for export to Hong Kong using two front companies and using fraudulent documentation stating that containers were carrying pilchards.
They had been in operation for two years.
Members of the The Enterprise were found guilty of various charges, including contravening the Marine Living Resources Act.
The men are currently out on bail and will remain so until sentencing.