CONTROVERSY lingers over the intended acquisition of 40 per cent stake at US $130 million dollars (about 286bn/-) by Swala Oil and Gas Tanzania in Mauritius based PAE PanAfrican Energy Corporation (PAEM), the parent company of Pan- African Energy Tanzania (PAET).
PAEM, an offshore company operating from Mauritius, is itself a subsidiary of Orca Exploration Group registered in the British Virgin Islands, which operates the Songo Songo natural gas field under a Production Sharing Agreement (PSA) with the Tanzania Petroleum Development Corporation (TDPC). TPDC has already raised a red flag over the transaction, stating that it had not been involved in the multimillion deal.
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