Petronas calls off deal with PetroSA

Petronas owned a 30 stake in Engen in 1996. It increased its holdings to 100 in 1998 but sold 20 of it to private equity firm Pembani Group. – AFP

PETALING JAYA: Petroliam Nasional Bhd (Petronas) is said to have called off its divestment of Engen Petroleum to PetroSA.

According to reports, South Africa’s national oil company, PetroSA used to sit on a cash pile of 11 billion rand (RM3.37bil) in 2009 but its coffer had halved to five billion rand (RM1.53bil).