A policy statement by President Cyril Ramaphosa on Wednesday has heralded the formation of a new state-owned petroleum company.
The company has been granted approval to start operating in terms of the s51 of the Public Finance Management Act of 1999.The formation of the state-owned company follows President Ramaphosa’s February 2020 State of the Nation Address where he announced government’s intention to repurpose and “rationalise” state-owned enterprises to support growth and development in South Africa.
“Out of the three merging entities, only iGas and SFF are financially viable to be merged into the new entity subject to key legal requirements. “In the interim, the SANPC will be incorporated as a subsidiary of CEF Group of Companies until the National Petroleum Bill is promulgated into law.