Newsroom (7)

PETROSA Board Appoints New Group CEO

Johannesburg – The PetroSA Board is pleased to announce the appointment of Mr Pragasen Naidoo as a new Group CEO with effect from the 17th January 2020, subject to transitional arrangement with Central Energy Fund. His appointment followed rigorous recruitment process to appoint a permanent Group CEO after the entity has had a number of executives on an acting role since 2014.

Prior to his appointment as the PetroSA Group CEO, Mr Naidoo, in addition to other roles, served as the Group Chief Operations and Business Development Officer at the Central Energy Fund (CEF), a holding company of PetroSA.

He holds a BSc in Chemical Engineering and a MSc in Engineering whilst his industry experience spans approximately 18 years in Human Capital Development and Management, Technology Development and Engineering, Capital Project Execution, Business Development and Operations. During this period, Mr Naidoo also gained exposure to the local and international environments.

Commenting on his appointment, PetroSA chairperson, Mr Frans Baleni said: “Mr Naidoo’s demonstrable industry experience and acumen will continue to deliver value to the entity’s shareholders and stakeholders through good governance, operational excellence, and sustainable growth. We are confident that he will contribute immensely towards addressing our business’ sustainability challenges, as well as positioning PetroSA for the future”.

The CEF Group Chairperson, Dr Monde Mnyande said; “We welcome, embrace and fully support the permanent appointment of the PetroSA Group CEO, Mr Naidoo. The appointment of Mr Naidoo could not have come at a better time, when as a group we have initiated a roadmap to build a solid foundation for the long term sustainability of the group.

“On behalf of the CEF Board of Directors, we are committed to work closely with the PetroSA Board and the Group CEO to provide any requisite support to bring stability, sustainability and growth at PetroSA; the subsidiary which accounts for 85% of the group revenue”, said Dr Mnyande. Mr Baleni also thanked the outgoing interim Group CEO, Mr Bongani Siyadini for providing stewardship when the company was going through a turbulent period.

For more information, contact:For more information, contact:

Jacky Mashapu

Corporate Affairs Manager

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South Africa & South Sudan Sign Exploration and Production Sharing Agreement

The deal – which is strategic for South Africa as an energy consumer – will see Block B2 operated by state-owned Strategic Fuel Fund (SFF), the Ministry of Petroleum and Nilepet, the national oil company of the Republic of South Sudan. This is the second EPSA signed since South Sudan gained independence in 2012 and shows progress for the country’s oil industry as production resumes at existing oilfields and new exploration begins.


Statement issued by the Central Energy Fund on the SFF rotation of strategic stocks

The Board of the Central Energy Fund has noted the article in the Business Day of 26th May 2016, titled “Strategic Stock sold off secretly”. We wish to correct the impression created by the article that there are issues based on the misunderstanding of the management of strategic stock. The article makes particular incorrect assertions, which if not corrected may create uncertainty in an already volatile oil market.

We have to emphasise that Strategic Stocks are managed through Ministerial Directives and this case was no different. The notion that the country is put at risk through this rotation is factually incorrect.


CEF Briefed Parliament’s Select Committee on Economic and Business Developments about its State of Affairs

The Chairperson of the CEF Board, Mr. Luvo Makasi yesterday, 12 June 2018, briefed Parliament’s Select Committee on Economic and Business Development about its state of affairs and progress made in bringing stability within the group.

In his presentation, Mr Makasi pointed out that the CEF Group is faced with a number of operational inefficiencies and challenges. These challenges ranges from less than 6% market penetration in the refinery business, unbalanced portfolio and no significant group profitability.


PETROSA and ROSGEO Sign Multi-Million Dollar Agreement to Develop Oil and Gas Blocks in South Africa

PetroSA, the Oil and Gas Corporation of South Africa, and Rosgeo, geological exploration company of the Russian Federation, have today signed an agreement that will see about US$400 Million invested in oil and gas development.

The agreement was signed in the presence of Ministers of Energy at the 9th Annual Brics Summit currently underway in Xiamen, Peoples Republic of China.

The agreement involves the development in the exploration areas of blocks 9 and 11a off the South Coast of South Africa. Within the framework of the agreement, Rosgeo is supposed to conduct a considerable volume of geological exploration work. In particular, it is planned to carry out more than 4,000 square km of 3D seismic operations and over 13,000 km of gravity-magnetic exploration works, as well as the drilling of exploratory wells. The estimated volume of the investment is about US$400 million.


CEF Welcomes the Awarding of Optimum Coal assets to its Subsidiary LED Consortium

CEF welcomes the awarding of the Post Commencement Funding (PCF) for the Optimum Coal Assets to a consortium led by its subsidiary, the African Exploration Mining and Finance Corporation (AEMFC).

CEF has pledged R1 billion to support AEMFC’s strategic investment in the sector geared to support its growth trajectory.

Through this investment, CEF will not only secure South Africa’s future energy supply but also facilitates a long-term beneficial partnership with black owned companies in the sector.Central Energy Chairperson, Mr Luvo Makasi said, ‘this transaction happens at a time when the security of energy supply and jobs are threatened.

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Vision and Mission

 To secure reliable and affordable diversified energy security solutions for the South African economy by 2030.

To provide and enable sustainable energy security solutions for South Africa in order to contribute to economic development and alleviate poverty in an environmentally responsible manner.

About CEF


CEF SOC Ltd. is involved in the search for appropriate energy solutions to meet the energy needs of South Africa, the Southern African Development Community and the sub-Saharan African region, including oil, gas, electrical power, solar energy, low-smoke fuels, biomass, wind and renewable energy sources.