Petroleum Africa
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Friday, June 12, 2020
South Africa held a virtual Cabinet Meeting on Wednesday where President Cyril Ramaphosa’s plan to repurpose and rationalize a number of state-owned enterprises to support growth and development was discussed. Under this plan, the ongoing work to rationalize all petroleum (oil and gas) subsidiaries of the state-owned diversified energy company, Central Energy Fund will be implemented.
The rationalization will result in three subsidiaries (PetroSA, Strategic Fuel Fund and iGas) merged into one single National Petroleum Company. As a result, the Cabinet approved the proposed appointment of a professional restructuring company that specializes in mergers to investigate the most viable model of this single National Petroleum Company.
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