CEF gives go-ahead for formation of National Petroleum Company
The Central Energy Fund (CEF) board has given management the go-ahead to start a process to consolidate three subsidiaries − PetroSA, the Strategic Fuel Fund and Igas − to establish a National Petroleum Company of South Africa.
The decision is a culmination of a policy statement by CEF’s shareholder, Minerals Resources and Energy Minister Gwede Mantashe, at the Portfolio Committee on Mineral Resources and Energy held on May 7.
This policy statement was also endorsed by Cabinet’s approval on June 10, paving the way to appoint a professional restructuring company specialising in mergers to investigate the most viable model for a National Petroleum Company.
The rationalisation of these subsidiaries into one single National Petroleum Company would be on the basis that each company be properly structured so as not to transfer operational and financial inefficiencies into the new entity.
Key features of the rationalisation plan will be anchored on three phases, namely, improving operational efficiencies, improving scale and market share, and operationalising a commercially viable National Petroleum Company.
CEF CEO Dr Ishmael Poolo says the country needs a very strong and agile energy company to be able to compete and advance key components of the National Development Plan aimed at creating a capable State, as well as supporting government to address the triples challenge of unemployment, poverty and inequality.
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