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Stock impact report

South Africa's PetroSA targets Mozambique gas in new sales deal [Reuters]

TotalEnergies SE (TTE) 
Company Research Source: Reuters
company ENH later this year, officials said, amid efforts to shore up supplies ahead of a potentially crippling shortage. Handed a gas trading licence by regulators in March, state-owned oil and gas company PetroSA has moved quickly to secure a deal for an initial 2 petajoules of gas a year (PJ/a), with scope to rise to 200 petajoules eventually. That would be enough to supply scores of industrial gas users, including steelmaker ArcelorMittal (ACLJ.J) New Tab , opens new tab , which currently relies on around 190 PJ/a, mainly supplied by South African petrochemical firm Sasol. Sasol has warned customers that it will significantly restrict supplies in a couple of years as its Mozambican gas fields run dry. PetroSA wants to form a joint venture (JV) with ENH to woo potential gas clients in energy-starved South Africa, and intends replicating the JV model at Mossel Bay to trade gas from offshore fields discovered by TotalEnergies (TTEF.PA) New Tab , opens new tab to the Cape Show less Read more
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