South Africa has a new petroleum agency, the South African National Petroleum Company (SANPC), formed by an amalgamation of current players, the Central Energy Fund (CEF) subsidiaries, iGas, PetroSA and the Strategic Fuel Fund.
Some of its functions, detailed by President Ramaphosa, during the State of the Nation Address (SONA), are to drive new technologies, infrastructure, strategic planning, coordination and governance of the country’s petroleum resources.
Although announced yesterday, by President Ramaphosa, the new agency was granted approval to start operating in terms of the s51(g) (h) of the Public Finance Management Act of 1999.