The Central Energy Fund, government’s holding company in the energy sector, on Tuesday presented its strategic plan to parliament, unveiling a wish list for more capital and a share of government tax revenues.
12 May 2020 - 18:54The Central Energy Fund , the government’s holding company in the energy sector, presented its strategic plan to parliament on Tuesday, unveiling a wish list for more capital and a share of government tax revenues.
CEF chair Monde Mnyande said the CEF is not looking for a bailout but is in the process of restructuring the group. In particular, PetroSA — which in recent years has made heavy losses — needs capital to restructure. Acting group CEO Lufuno Makhuba said that the CEF faces three choices on PetroSA: do nothing, which would lead to the collapse of the group; close down the company at an associated cost of R13bn and an impact on the Eastern Cape economy; or restructure the entity, for which R15bn is required.
Restructuring would involve inviting strategic partners to assist with refinery operations, divesting from upstream blocks and investing in downstream activities. PetroSA has a gas-to-liquids refinery in Mossel Bay and is involved in oil and gas exploration, which is largely responsible for the heavy losses it has incurred.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Nursing Day: Being brave comes with the territory for this 25-year veteranLivia Lazarus has seen off more hopelessly sick souls than she would have liked in her 25-year nursing career and even a recent Covid-19 scare hasn't dimmed her passion for her profession.
Read more »
Lindela centre in ‘good state’ despite illegal immigrants escapingThe Lindela Repatriation Centre is in “good standing” and the health systems inside are “quite impressive”, ANC MP and former state security minister Bongani Bongo said on Monday morning.
Read more »
State admits judiciary and executive might not always agree over directives for courtsDeputy minister John Jeffery acknowledges there must be more engagement on ‘who is doing what’
Read more »
Central Energy Fund fills all vacant CEO positionsWithout permanent CEOs state-owned group of companies struggled to fulfil its mandate for years
Read more »
15 mineworkers test positive for Covid-19Minerals Council South Africa confirmed the positive Covid-19 cases in the mining industry to be at 15 countrywide. Gauteng leads with five cases followed by Limpopo and North West with four cases each
Read more »
City of Cape Town's hearing for independent power producers continuesThe City’s court application seeks clarity on whether municipalities are lawfully entitled to procure energy from independent power producers in terms of their own energy planning
Read more »