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Meet South Africa’s new petroleum company

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A policy statement by President Cyril Ramaphosa has resulted in the formation of a new state-owned petroleum company.

Image: Pixabay Image: PixabayThe SANPC is poised to become a leading player in the country’s energy sector ensuring energy security, driving new technologies, developing and enabling essential infrastructure, fostering strategic partnerships and propelling social and economic development.

The formation of the state-owned company follows President Ramaphosa’s February 2020 State of the Nation Address wherein he announced government’s intention to repurpose and “rationalize” state-owned enterprises to support growth and development in South Africa.

It added that the remainder of the business that does not form part of the SANPC will form part of legacy assets requiring further work to be done before they could be transferred into the SANPC. “Once all the matters relating to these legacy assets are resolved, they would be ready for transfer to the SANPC.”

“The SANPC would be poised to become a leading player in South Africa’s energy sector, ensuring energy security, driving new technologies, developing, and enabling essential infrastructure, fostering strategic partnerships, and propelling social and economic development,” said the company.Thabo Bester’s legal bids reveal deeper issues in our judicial system.

 

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