SOUTH AFRICA LAUNCHES MEGA PETROLEUM COMPANY TO TRANSFORM ENERGY LANDSCAPE
South Africa has officially launched its consolidated National Petroleum Company (SANPC), with Mineral and Petroleum Resources Minister Gwede Mantashe declaring the new state-owned enterprise “open for business” and actively seeking strategic investors.
The ambitious initiative combines three existing entities – PetroSA, the South African Gas Development Company (iGas), and the Strategic Fuel Fund Association – into a single powerhouse designed to enhance the nation’s energy security and reduce dangerous dependence on imported petroleum products.
Speaking at the official launch in Johannesburg, Minister Mantashe emphasized the critical importance of energy security in an increasingly volatile global environment. “The real issue is ensuring energy security in the country. In the wake of evolving global trends, including the push to shift away from fossil fuel usage, the SANPC is expected to operate in an increasingly volatile, unpredictable and polarised world,” he stated.
The minister highlighted local refining capacity as crucial to the strategy, noting that reviving PetroSA and maintaining SAPREF operations are essential priorities. “If there are people who want to partner with us, we are open for business, we are open for partnerships and we are open for people who want to invest,” Mantashe declared.
Despite global shifts toward cleaner energy sources, Mantashe noted that fossil fuel demand is expected to continue growing, positioning SANPC to capitalize on this trend while contributing to sustainable development and inclusive economic growth.
The minister stressed the importance of strong governance and leadership, revealing that the government swiftly appointed a board of directors, interim CEO, and non-executive directors in April last year. “For the entity to succeed, it must have strong leadership with vision, common objectives, and the ability to develop managerial capacity,” he concluded.
Source: SAnews.gov.za
