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Mantashe readies SANPC Bill for parliament
14 Oct 2024
The Department of Mineral Resources and Energy (DMRE) has concluded public hearings and is ready to present the South African National Petroleum Company (SANPC) Bill, 2024 for scrutiny by the National Assembly. This legislation seeks to establish a new state-owned entity to manage South Africa’s petroleum resources, consolidating existing operations to enhance efficiency and align with national energy strategies.
The Minister and Deputy Minister of Mineral and Petroleum Resources were both in attendance at the AOW press conference
Minister of Mineral and Petroleum Resources, Gwede Mantashe, told media at Africa Oil Week 2024 last week that "we have approved that the bill to establish [the SANPC] legally is now going to go to parliament”.
Mantashe highlighted that the SANPC will be a standalone entity once the legislation is enacted, separate from the Central Energy Fund (CEF).
"It will be a standalone company, not linked to the CEF. It will bring together three existing entities: PetroSA, iGas, and SFF (Strategic Fuel Fund)," he affirmed. "They will be consolidated into a petroleum company."
The introduction of the SANPC Bill forms part of the government's broader strategy to build energy security, create jobs, and stimulate economic growth within the energy sector.
Consolidation plans
The consolidation of PetroSA, iGas, and SFF under the new SANPC will streamline operations, reduce foreign dependency, and attract foreign investments into South Africa’s burgeoning energy sector.
At the press conference, Mantashe also addressed the future of PetroSA.
"We have transferred all the assets of other entities and reinforced the difficult part of PetroSA,” he said.
We have appointed a small legacy board to actually work on PetroSA until it is fully functional and fully productive.
Mantashe further clarified, "It does not exclude it, but there is a project to work on PetroSA to be fully functional and not be a liability to the SANPC."
