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SANPC stakeholders
The Central Energy Fund (CEF) has handed over leased assets and R5 billion in funding to operationalize the newly established South African National Petroleum Company (SANPC).
Three of the CEF Group subsidiaries including iGas, the Strategic Fuel Fund and PetroSA have been merged to form the SANPC in a process which began in 2020.
The formation of the petroleum company follows President Cyril Ramaphosa’s 2020 State of the Nation Address where he emphasized stabilizing and refocusing State-Owned Entities to drive economic growth and development.
Chairperson of the CEF Group Ayanda Noah addressed the media in Sandton on Wednesday.
“One of the pieces of work that we did in establishing the SANPC was to develop a business case and look at the market and see how big is the size of the opportunity in the market. And we know that the oil and gas market environment is susceptible to geopolitical tensions where you may find that in some cases were you may find that in some cases there certain countries that are sanctions we may not be able to do work with them especially when it comes to our own energy security supply that is another consideration in forming this formidable company.”
Video: CEF hands over leased assets
