OFFSHORE EXPLORATION
Vedanta to hunt for oil off South Africa’s west coast
Vedanta Resources would search for oil off SA’s west coast as it confirmed its interest in the country’s mineral wealth, said chairman Anil Agarwal, who, as Anglo American’s largest shareholder, is urging the London-based company to remain true to its South African roots. Vedanta was the largest private oil producer in India, supplying 30% of the country’s output, Agarwal said. "We have taken some [exploration] licences in SA and looking at how we can explore that, but it’s very early stage. There’s a very good probability in SA to produce oil," said the billionaire businessman. Agarwal has used the family’s Volcan group to invest in Anglo, giving it a 21% stake in the company through a complex mechanism of borrowed shares in an exchangeable bond structure, which entails him to either buy the shares or return them to shareholders. Of the 21%, Agarwal only owns 2% outright. In a wide-ranging interview on the sidelines of the African Mining Indaba, Agarwal reiterated earlier comments ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.