SANPC: South Africa's newest state-owned enterprise open for business
Minister of Mineral and Petroleum Resources Gwede Mantashe has officially launched the South African National Petroleum Company (SANPC), declaring it 'open for business' and ready to welcome both local and international investors.
Speaking at the launch ceremony in Johannesburg last Friday, Mantashe said the formation of the SANPC marks a pivotal step toward enhancing the country's energy security, reducing reliance on fuel imports, and managing South Africa's petroleum assets more effectively.
The new state-owned enterprise (SOE) is the result of a merger between three key entities: PetroSA, iGas, and the Strategic Fuel Fund Association.
'The real issue is ensuring energy security in the country,' said Mantashe.
'In the wake of evolving global trends, including the shift away from fossil fuel usage, the SANPC will operate in an increasingly volatile, unpredictable, and polarised world.'
Mantashe emphasised that despite global energy transitions, the demand for fossil fuels will continue to rise, particularly in developing economies like South Africa.
'Reviving PetroSA is important, SAPREF is important, and if there are people who want to partner with us… we are open for business,' he declared.
'We are open for partnerships, and we are open for people who want to invest.'
The SANPC is expected to take a central role in strategic planning, coordination, and governance of the petroleum sector.
Its overarching mandate includes: Supporting sustainable development
Driving inclusive economic growth
Investing in local refining capacity
Reducing the country's import dependency for petroleum products
To ensure the company can become self-sustaining, Mantashe urged it to leverage strategic partnerships and national energy capabilities.
The Minister said that good governance would be the backbone of the new entity's success.
'To enable the entity to deliver on its mandate, we had to ensure good governance… hence, we swiftly appointed the board of directors, an interim CEO, and non-executive directors in April last year,' he noted.
Since then, Mantashe said progress has been made in establishing governance structures and resolving legacy issues.
'For SANPC to succeed, it must have strong leadership with vision and the ability to develop managerial capacity. Employees must embrace a new culture of collaboration, transparency, and teamwork,' he added.
The launch of the SANPC signals a renewed focus on domestic energy capacity, as South Africa grapples with the global energy transition and the need for long-term economic stability.
Mantashe concluded with a call for financial prudence and innovation.
'A task at hand for all of us is to ensure that the entity remains financially sustainable and independent in order to fulfil its developmental mandate.'
Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1
Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The South African
an hour ago
- The South African
Mixed news for petrol price change this week
South African finance minister Enoch Godongwana recently announced inflation-based tax hikes, which will see petrol and diesel increase to R4.01c/l and R3.85c/l, respectively, effective from 4 June 2025. As a result, fuel taxes will be going up 15 cents per litre for diesel and 16 cents per litre for petrol, but there will still be a slight decline at the petrol pumps this week. According to month-end data from the Central Energy Fund (CEF), the fuel price balance remains positive thanks to a stronger rand and lower international oil prices. Without adding in the tax increase, these are the following projections: Petrol 93: decrease of 20 cents per litre decrease of 20 cents per litre Petrol 95: decrease of 20 cents per litre decrease of 20 cents per litre Diesel 0.05% (wholesale): decrease of 52 cents per litre decrease of 52 cents per litre Diesel 0.005% (wholesale): decrease of 52 cents per litre However, when factoring in the coming fuel levy increases, this is effectively the current projected outcome: 93: decrease of 4 cents per litre decrease of 4 cents per litre 95: decrease of 4 cents per litre decrease of 4 cents per litre Diesel 0.05% (wholesale): decrease of 37 cents per litre decrease of 37 cents per litre Diesel 0.005% (wholesale): decrease of 37 cents per litre The final overall price changes for both petrol and diesel will be confirmed early this month with the new prices taking effect at midnight on Tuesday, 3 June 2025. INLAND May Petrol 93 R21.29 Petrol 95 R21.40 Diesel 0.05% R18.90 Diesel 0.005% R18.94 Illuminating Paraffin R13.05 COASTAL May 93 R20.50 95 R20.61 Diesel 0.05% R18.11 Diesel 0.005% R18.18 Illuminating Paraffin R12.05 Let us know by leaving a comment below, or send a WhatsApp to 060 011 0211. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The Citizen
2 hours ago
- The Citizen
MK party wants full disclosure over R9.5bn battery storage projects
Electricity Minister Kgosientso Ramokgopa praised Mulilo Energy as a "great South African success story". The MK party says it wants full disclosure of bid adjudication records after a multi-billion energy tender was awarded to a company headed by former Eskom CEO Andre de Ruyter's right-hand man, Jan Oberholzer. On Friday, Electricity Minister Kgosientso Ramokgopa announced the appointment of five preferred bidders under the Battery Energy Storage Independent Power Producers Procurement Programme (BESIPPPP). De Ruyter's right-hand man Mulilo Energy, chaired by Oberholzer, the Chief Operating Officer of Eskom and Scatec, was awarded five large battery storage projects in the Free State to develop 616 MW / 2,464 MWh of new battery storage capacity for R9.5 billion. Oberholzer was appointed chairperson of Mulilo in September 2023, just two months after leaving Eskom as COO. Out of the five available projects, four were awarded to Mulilo Energy Mulio Energy was founded in 2008 by property developer Johnny Cullum and racing driver Chris Aberdein after a conversation about load shedding. Both remain on Mulilo's board. ALSO READ: Eskom denies reports of 14-hour load shedding next month MK party not happy Ramokgopa praised Mulilo at Friday's announcement as a 'great South African success story' that shows the country can stand tall globally. However, the MK party wants transparency in the bidding process MK party national spokesperson Nhlamulo Ndhlela said they have written to Ramokgopa demanding full disclosure of the bid adjudication records within seven days. 'The uMkhonto weSizwe party is blowing the lid off what appears to be one of the most blatant acts of javelin throwing in post-apartheid public procurement, this time under the green veil of 'renewable' energy. 'Should the Minister fail to comply, the MK party will immediately approach the courts to interdict and suspend these contracts,' Ndhlela said. 'Billions' Ndhlela said 'this is no longer about megawatts. 'This is about the billions being funnelled out of our country under the false flag of progress, and the MK Party will not stand by and watch our state-owned entities being handed over to corrupt white monopoly capital interests'. The Battery Energy Storage Programme is a critical initiative aimed at enhancing South Africa's power system by providing essential ancillary services and increasing grid capacity through energy storage. Projects Other awarded projects located in the Free State will include: Erfdeel BESS (123MW/ 492MWh) Retreat BESS (123MW/ 492MWh) Bloemhoek BESS (124MW/ 496MWh) Vanilla BESS (123MW/ 492MWh) The BESIPPPP Bid Window 3 was launched on 28 March 2024, with bids submitted on 28 November 2024. Ramokgopa said the evaluation process was conducted by an Independent Bid Evaluation Committee 'under strict security measures, took place at the IPP Office.' ALSO READ: Eskom winter outlook: Here's how many days of load shedding to expect in SA
Daily Maverick
10 hours ago
- Daily Maverick
Cannabis Expo shows how private sector is rolling in face of hazy government policy
The Cannabis Expo underlined the energy of private businesses that are forging ahead with investment, sales and job creation in the face of dazed and confused government policy that appears to have been crafted over a bong. Pink Floyd's 'Another Brick in the Wall' blared from the DJ's stage and the sweet aroma of cannabis hung in the crisp autumn air at 10.50 on a Saturday morning. On its second of three days, the Cannabis Expo was in full swing at the Sandton Convention Centre, which bent its rules to allow for a 'smoking' section outside, which was mostly a toking section. Cannabis consumers are generally a laid-back bunch, but the expo underlined the energy of private businesses that are forging ahead with investment, sales and job creation in the face of dazed and confused government policy that appears to have been crafted over a bong. There were more than 100 exhibitors from South Africa and abroad, showcasing — and hawking — everything from edibles to rolling gadgets to water bongs to plant fertilisers. On the main stage, panels discussed subjects such as 'Women & Weed: Wellness, Empowerment and The Female Body', 'Potential Cannabis Commercialisation Benefits', and 'How to Choose The Right Cannabis Product for You'. The times they are a'changin', and tellingly, Farmer's Weekly had a stand. Cannabis is, after all, grown, and if the government could grasp this low-hanging fruit, the agricultural sector could reap a bountiful harvest. But the surging commercial sector for cannabis products is unfolding beneath a haze of legal and regulatory uncertainty. This genie was freed from the bottle by the landmark Constitutional Court decision in 2018 that, in effect, legalised the recreational use of cannabis — as an adult South African, it is your constitutional right to consume cannabis. In May 2024, the Cannabis for Private Purposes Act gave the green light for adults to consume, cultivate and possess cannabis for private use — but it leaves the cannabis commercialisation on display in Sandton this past weekend in the dark. One factor that undermines efforts to get a clear and straightforward policy is the lack of a single industry body to represent commercial cannabis interests. 'The industry itself is not represented. There is not a single industry body that represents every facet of the cannabis industry. This makes it virtually impossible to make representation on behalf of the industry,' advocate Simi Pillay-van Graan, the CEO of Trikar Enterprise Solutions, told Daily Maverick on the sidelines of the expo. That is a clarion call for a Cannabis Council to take up the cudgels. What this means Billions of rands in investment and tax revenue are going up in smoke because of government — read ANC — inertia on what should be a straightforward policy. If you are an adult who consumes cannabis and buys from one of the many retail outlets that are springing up all over the show, the vast majority of your purchases are technically illegal. Buying such products with your card also means that South Africa's banks are involved in illicit sales. Crafting policy to allow for the effective commercialisation of a sector that is already forging ahead is crucial. Brett Pollack, a lawyer who heads Harambe Solutions, told Daily Maverick that the industry was '… moving along ahead of government without the laws in place. So right now we are in a liminal space. We don't have a commercial framework, which is exactly what we need to build an economy out of this.' But an economy — one that is not yet subject to sin taxes for THC consumption — is indeed growing in the shade of perplexing policy. And things are rolling along, in some cases quite literally. At the stand for Pretoria-based Aaptwak Foundation & Club — basically, a cannabis club — Walter Pretorius displayed his skills in the fine art of speed rolling. The rules are simple: the paper can be pre-licked with a filter (if you choose) and everything prepared beforehand. It just has to be smokeable to qualify as complete. He was clearly a practised hand. On his rolling platform, this correspondent watched Pretorius three times over the course of the morning. His first go was a warm-up that took more than six seconds to complete — think of Usain Bolt warming up for the 100m dash. The third time I witnessed Pretorius in action (see video), it took him 3.52 seconds to roll a joint. If you blinked, you might have missed it. Walter also displayed an 80g monster joint that was longer than most of the trout this angling correspondent has caught in a lifetime of fishing. Presumably, that would have taken a little longer than 3.52 seconds to roll. By contrast, government policy on this front is moving at a snail's pace. It is another brick in a wall of what should be a window of transparency with the sunlight shining on a field of dreams. DM
