Petronas, Sasol of S. Africa may form new firm

JOHANNESBURG, Sun: South African oil company Sasol Ltd and Malaysia's Petronas said today they had signed a memorandum of understanding to explore cooperation between them, including the formation of a new oil company. A statement said the two oil companies would aim "to fully exploit the existing and potential synergy between Engen Ltd, a wholly-owned subsidiary of Petronas, and certain Sasol subsidiaries". Engen is one of South Africa's major fuel retailers and Sasol is a top producer of fuels and chemicals. "The potential benefit of the consolidation of the activities of these two oil companies is substantial and will result in the creation of a strong and viable South African oil…