http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 13.86Change: -0.02
R/$ = 11.06Change: -0.11
Au 1168.55 $/ozChange: -31.67
Pt 1231.70 $/ozChange: -14.30
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Oct 09, 2008

Minister calls for a more stable, transparent oil price

Back
 
SECURITY|Africa|PetroSA|Security|System|Systems|Africa|South Africa|Security|Energy|Logistics|Oil|Oil And Gas|Oil Price|Products|Proper Energy|Security|Stable Oil Price|Systems|Transparent Oil Pricing System|Nompumelelo Siswana|Security|Energy Technologies
SECURITY|Africa|Security|System|Systems|Africa||Security|Energy|Logistics|Oil And Gas|Products|Security|Systems||Security|
security|africa-company|petrosa|security-company|system|systems-company|africa|south-africa|security-facility|energy|logistics|oil|oil-and-gas|oil-price|products|proper-energy|security-industry-term|stable-oil-price|systems|transparent-oil-pricing-system|nompumelelo-siswana|security-person|energy-technologies-technology
© Reuse this



The world and South Africa needed a more stable oil price and a more transparent oil pricing system to enable proper energy planning, Minister of Minerals and Energy Buyelwa Sonjica said on Thursday.

Speaking at the Oil Summit in Midrand, the minister noted that the volatility of the oil price impeded planning and budgeting, which were "critical ingredients" of a stable economy.

She added that high oil prices earlier this year had highlighted the importance of oil in the modern economy.

Sonjica emphasised that the recent drop in the oil price should not "give us false hope" and should allow the country to "fall victim" to future price escalations.

National oil and gas company PetroSA trading, supply and logistics vicepresident Dr Nompumelelo Siswana said it was difficult to predict future oil prices, but that the price of oil and petroleum products were forecast to continue rising until 2020.

With demand for oil set to grow, and with the price expected to continue increasing, technology innovation would be an "important tool" to ensure greater energy security, climate protection and economic growth, Sonjica suggested.

"It may be important that, as a country, we seriously explore energy technologies that can provide for the gradual transition towards energy systems for the longer term," she said.

The minister emphasises that the development of these technologies would require strengthened public-private partnerships.

Sonjica added that the high oil price earlier this year could not be attributed merely to the "mismatch between supply and demand", noting that speculative activity had largely contributed to the problem.

Sonjica said the country had to gain a better understanding of market speculation, but also had to deal with the "fundamental issues" of rising demand, low investment in the supply of oil, and the depletion of oil reserves.

The minister also stressed the importance of reaching bilateral agreements with regard to energy, such as that signed between South Africa and Venezuela earlier this year, as part of a mitigating strategy against the high oil price.

She noted that such "mutual relations" would advance global growth.

Edited by: Irma Venter
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other Energy News
Updated 2 hours 6 minutes ago The retail price of 95-grade petrol in South Africa will drop by 45 cents or 3.3 percent a liter from next Wednesday, while wholesale diesel will decrease by 4.9 percent, the government said on Friday. Petrol will cost 13.16 rand ($1.20) a liter while the wholesale...
GREEN INDIFFERENCE Companies are focusing more on short-term investments and returns to reduce upfront investment costs, which negates the “green impact”
The South African market tends to be indifferent towards the green industry trend, with the current market seemingly not valuing buildings that practise green management or that have been designed with green principles, says integrated facilities management solutions...
GENERATION CAPACITY Trigeneration can be up to 40% more energy efficient, and helps to reducing operating costs, fuel expenses and environmental pollutants
Trigeneration technology as a green technology is receiving more interest locally, resulting in its increased implementation. Trigeneration technology has the same components as a cogeneration plant – a gas engine, electricity generator and a heat exchanger – but...
More
 
 
Latest News
Updated 2 hours 2 minutes ago The retail price of 95-grade petrol in South Africa will drop by 45 cents or 3.3 percent a liter from next Wednesday, while wholesale diesel will decrease by 4.9 percent, the government said on Friday. Petrol will cost 13.16 rand ($1.20) a liter while the wholesale...
Updated 2 hours 17 minutes ago Special purpose vehicle GreenCape will, by the end of 2014, make an application to the Department of Trade and Industry (DTI), the Western Cape provincial government and the City of Cape Town to declare Atlantis, on the Western seaboard, a special economic zone...
Updated 2 hours 47 minutes ago The German government has committed a further R70-million towards the second phase of the Non-Motorised Transport (NMT) programme. The NMT programme forms part of the Department of Environmental Affairs’ 2010 FIFA World Cup National Greening Legacy Programme.
More
 
 
Recent Research Reports
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move road...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
 
 
 
 
 
This Week's Magazine
In the next 20 years, it was expected that, in Africa, more people would live in cities and towns than in rural areas, United Nations Habitat executive director Dr Aisa Kirabo Kacyira said at the Human Settlements Indaba that took place earlier this month in...
Tough-talking Human Settlements Minister Lindiwe Sisulu has committed government to building 1.5-million low-cost houses over the next five years, telling the Human Settlements Indaba in Johannesburg on Wednesday that the State would achieve this target through the...
Over the past 20 years there has been persistent concern about deindustrialisation in South Africa, as well as the fact that locally produced manufactured products have been increasingly displaced by imports.
Financial agreement for Ghanian independent power producer (IPP) Cenpower Generation Company’s $900-million, 350 MW combined-cycle gas-turbine power plant was finalised earlier this month, paving the way for the project’s construction to begin before 2015 in Tema,...
The revenue implications for South Africa of ‘base erosion and profit shifting’ by corporate taxpayers are firmly in the crosshairs of the Davis Tax Committee (DTC) and Judge Dennis Davis hinted last week that recommendations were being considered to “detect and...
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks