MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 8 May 2021 For Immediate Release

CEF REFUTES A MISLEADING NEWS HEADLINE “CABINET INACTION DELAYS MERGER OF THREE STATE ENERGY SUBSIDIARIES”

Johannesburg – The Central Energy Fund (CEF) has noted with concern a misleading headline titled “Cabinet Inaction delays merger of three state energy subsidiaries” in one of the daily newspapers.
During a virtual meeting of the Portfolio Committee on Mineral Resources and Energy held on Tuesday, 02 March 2021, the CEF Group CEO, Dr. Ishmael Poolo shared a progress update on the rationalisation of three of its subsidiaries (PetroSA, Igas, and Strategic Fuel Fund) to establish a National Petroleum Company of South Africa.

CEF would like to put it on record that the GCEO, Dr. Poolo never insinuated that Cabinet inaction delays the merger of the three subsidiaries to establish a National Petroleum Company of South Africa. In fact, he informed the committee that a full submission is going to be tabled before Cabinet soon, with proposed viable options for considerations and approval.

For more information, contact:

Jacky Mashapu Corporate Affairs Manager

Cell: 071 485 6856

Email: jackym@cefgroup.co.za