Cabinet inaction delays merger of three state energy subsidi

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Parliament’s portfolio committee on mineral resources and energy heard this week.
By Jan-Jan Joubert
5 Mar 2021 
13:48 
Image: Shutterstock
Cabinet inaction is delaying efforts to merge three Central Energy Fund subsidiaries, Parliament’s portfolio committee on mineral resources and energy heard this week.
The plan is to merge PetroSA, SFF and iGas into a new company, thus establishing a national energy champion for South Africa, and such mandate was given by cabinet on June 10 last year. Provisionally, the company is to be called the National Petroleum Company of South Africa (SANPC).
According to submissions before the committee by Central Energy Fund (CEF) officials, “given solvency and liquidity challenges at PetroSA as the biggest subsidiary, and to avoid the potential collapse of the CEF Group, immediate action is critical to ensure survival of the CEF Group.” The CEF board was thus mandated to manage the process and ensure the establishment of the SANPC.

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