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The text describes the formation of a new oil company, IPCOLtd., by Nigeria's military leader General Sani Abacha. The company will begin oil exploration activities within the next two months, with a British managing director. General Abacha has also purchased three new sea-cruising vessels estimated at $45 million, and has given two of the vessels as gifts to retired generals. Additionally, the South African President, Dr. Nelson Mandela, has announced the introduction of a new pricing mechanism for petroleum products, which will lower the price of petrol and diesel effective October 5.

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