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PetroSA records R831 million net profit

26 Oct 2011

Higher crude oil prices have helped the South African national oil company, PetroSA, to record R831 million in net profits, reports AllAfrica.com. PetroSA said it had reversed its negative annual results and recorded R831 million in net profits and R10.5 billion in revenues - up from R8 billion in 2010.

In the 2009/10 financial year PetroSA recorded a R356 million net loss, but in the 2010/11 period it saw an 18% increase in its cash reserves to R11.8 billion.

PetroSA attributes the increase in revenue mainly to volumes sold and higher crude oil prices. "During the period under review PetroSA's Gas-To-Liquids Refinery also experienced no major disruptions, resulting in a 25% increase in production volumes, compared to the previous year," said PetroSA. Payments to Black Economic Empowerment (BEE) suppliers equalled R1.36 billion. Total expenditure on goods and services for the year was R7.38 billion.

On the matter of Gas to Liquid Refinery, PetroSA has taken a final investment decision to search for additional gas reserves. The PetroSA Board advanced efforts to sustain the life of the GTL Refinery, by taking a final investment decision to search for additional gas reserves. "Production of the gas field is targeted for 2013. Project Ikhwezi will also serve as an enabler of further development of gas prospects [...] which could provide a further five year life for the GTL Refinery to 2025," Acting President and CEO Yekani Tenza said.

Read the full article on http://allafrica.com.