Gwede Mantashe, the minister of mineral & petroleum resources, this week tabled the South African National Petroleum Company Bill to provide for the establishment of the South African National Petroleum Company.
This comes six years after the cabinet resolved to establish an entity housing all of the state’s petroleum assets.
As a stopgap measure, the department last year invoked provisions in the Public Management Finance Act and launched the petroleum company as a subsidiary of the Central Energy Fund group of companies while parties waited for the legislative process to unfold.
“The main purpose of the bill is to provide for the establishment of the company to actively participate in the exploration and production operations in order to ensure security of energy supply, to enter into and execute concession agreements with other governments, including other strategic partners,” the bill reads.
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