Petroleum Africa
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Monday, April 29, 2013
Petroleos de Mocambique SA or Petromoc, Mozambique’s state-owned distributor of petroleum products, could possibly list on a stock exchange in either South Africa or Europe. The firm is studying its options in regards to an IPO as part of a rapid expansion plan and to raise the company’s profile, its chief executive Nuno de Oliveira said.
Petromoc is in the process of discussing various details such as listing venue and amounts to be raised with Banco Internacional de Mozambique SA, Nuno de Oliveira told the Wall Street Journal.
“We have been evaluating it [listing plan] for about a month now with our shareholders on how best we can do this,” de Oliveira said.
Petromoc is the largest petroleum products retailer in the country with 119 filing stations. It also sells lubricants, fuels and oils as well as operates storage facilities pipelines in all main Mozambican ports, and is working on a potential GTL plant in conjunction with South Africa’s PetroSA. The feasibility study on the GTL plant is in the works and is expected to be complete by June.
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