The proposed South African National Petroleum Company is set to have a sole shareholder – The Department of Mineral Resources and Energy Minister Gwede Mantashe
Photo by: Creamer Media
The Department of Mineral Resources and Energy (DMRE) has extended the timeframe for submissions of public comments on the draft South African National Petroleum Company (SANPC) Bill, published in government gazette number 49711, of November 13, to January 15, 2024.
The Bill, according to the DMRE, aims to establish the SANPC, ensure proper governance and to consolidate and transfer assets of the company in line with the relevant legislation, with the DMRE Minister – currently Gwede Mantashe – as the sole shareholder of the company.
The DMRE states that the SANPC will be the “State’s energy champion” and facilitator of energy infrastructure across the energy value chain.
Its functions will include, but not be limited to, managing the State’s exploration and production rights, interest acquired and exercised in terms of the Upstream Petroleum Resources Development Act; and ensure that petroleum resources are developed in a “sustainable manner to the best interest of the people of South Africa”.
The Bill outlines, according to the DMRE, various aspects that will “ensure the proper functioning of the company”, which include cooperative governance, functions of the board, and funding of the company, among other aims.
Interested and affected parties are invited to submit written comments on the Bill by email to representations@dmre.gov.za or by hand / post to 70 Mentjies Street, Sunnyside, 0001; or Private Bag X59, Arcadia, 0001.