Tuesday, May 13, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Savannah faces competition for Petronas purchase in South Sudan

Simon Osuji by Simon Osuji
September 25, 2023
in Energy
0
Savannah faces competition for Petronas purchase in South Sudan
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


South Sudan has announced a $3 billion deal with a small US company on the joint purchase of Petronas’ stakes and other investments.

If confirmed, the deal would be a major blow to Savannah Energy, which has been working on the acquisition of Petronas’ South Sudanese assets since December 2022.

President Salva Kiir announced the agreement with Caltech Investment during his visit to New York for the United Nations General Assembly.

The statement from the South Sudanese presidency valued the agreement at $3bn. According to Kiir, Caltech will partner with the government to buy Petronas’ entire portfolio in the country for $1.25bn.

Kiir met Caltech COO Mohammed Malique in New York on September 22.

Minister of Finance and Planning Barnaba Bak Chol said the deal with Caltech would grow South Sudan’s oil industry. Beyond the acquisition of Petronas, the US company would spend money on “vital infrastructure” in South Sudan, such as roads.

The South Sudan presidency said the company would provide $800 million within two months to begin the work. It quoted the Caltech official as saying the company was ready to move into South Sudan.

Projects that matter

The acquisition fit with Caltech’s strategy of “Projects that Matter”, the statement said.

Savannah has often used the phrase “projects that matter” when discussing its investment strategy throughout sub-Saharan Africa. The aim, according to Savannah, is to develop energy projects that change people’s lives for the better, in particular around energy poverty.

Savannah expects to publish its admission document shortly setting out its acquisition of the Petronas assets.

The New Jersey-based Caltech shows little sign that it would be able to muster the $3bn discussed with President Kiir in New York. The company has two addresses, one in a strip mall, the other in a residential street.

Caltech has not yet responded to a request for comment, nor has the Ministry of Petroleum commented on due diligence carried out ahead of the agreement.

Recommended for you

Nilepet MD Makeny talking about South Sudan

Nilepet aims to tackle production declines



Source link

Related posts

African countries with petrol rate reduction amid decline in crude oil price

African countries with petrol rate reduction amid decline in crude oil price

May 13, 2025
African Energy Bank scouts for president as launching date draws near

African Energy Bank scouts for president as launching date draws near

May 13, 2025
Previous Post

Shiba Inu Burn Tracker Reveals New BlockChain to Burn SHIB

Next Post

3 Biotech Stocks Offering Potential for Gains

Next Post
Meta Platforms (META), Booking Holdings (BKNG) and Snap (SNAP) – Internet Buy or Sell?

3 Biotech Stocks Offering Potential for Gains

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Converting plastic waste into affordable homes

Converting plastic waste into affordable homes

2 years ago
US Inflation Rises to 3.7%

US Inflation Rises to 3.7%

2 years ago
The Dangote refinery is set to keep its promise a year after opening

The Dangote refinery is set to keep its promise a year after opening

4 months ago
Group urges National Assembly to increase tobacco control budget to N300m – EnviroNews

Group urges National Assembly to increase tobacco control budget to N300m – EnviroNews

4 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.