The South African National Petroleum Company , a new state-owned petroleum company, was formed after a policy statement was made by President Cyril Ramaphosa on Wednesday,The SANPC is set to play a key role in the country’s energy sector, aiming to ensure stable energy supply, promote new technologies, build crucial infrastructure and form strategic partnerships.SANPC was recently approved to start operating under the Public Finance Management Act of 1999.
The merger is designed to improve efficiency. However, only two of the companies – iGas and SFF – are financially stable enough to be fully merged into the SANPC. As for PetroSA, only its trading division and assets in Ghana will join SANPC, while the rest of PetroSA’s business will remain separate for further work before it can be included.