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Corporate Media Statements

CEF Refutes a Misleading News Headline “Cabinet Inaction Delays Merger of Three State Energy Subsidiaries

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: This email address is being protected from spambots. You need JavaScript enabled to view it.

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CEF and SFF Welcomes Western Cape High Court Decision on the Sale of Strategic Stock

  • 21 November 2020 |
  • Published in Newsroom

20 November 2020 

To all Editors/News Reporters

For immediate Release

 

JOINT MEDIA STATEMENT

 CEF AND SFF WELCOMES WESTERN CAPE HIGH COURT DECISION ON THE SALE OF STRATEGIC STOCK

 

Johannesburg- Today, the Central Energy Fund (CEF) and its subsidiary, the Strategic Fuel Fund (SFF) welcomed the Western High Court judgement in reversing the sale of SA’s Strategic Crude Oil Reserves sold in 2015. This landmark victory is a culmination of a series of court proceedings that CEF and SFF Board launched after it discovered that the former CEO of Strategic Fuel Fund (SFF), Mr. Sibusiso Gamede, unlawfully concluded a series of agreements, which resulted in the disposal of South Africa’s 10 million barrels of Strategic Crude Oil Reserves.

In welcoming the Western Cape High Court judgement, the SFF CEO, Mr. Godfrey Moagi said, “We are vindicated by this high court ruling. If these unlawful transactions were left unchallenged, the country would have suffered huge financial losses given the repurchase price of the Oil reserves at the prevailing market rates”. “As a company, we would ensure that all measures are in place to institute consequence management against all employees cited in the case for wrongdoing, particularly those who are still in the employ of SFF,” he added. All traders have agreed that the sale of the strategic crude oil reserves were invalid, And as part of the high court settlement, the Strategic Fuel Fund (SFF), a subsidiary of CEF would refund all monies paid to it with interest accrued.

“As a Group, we are grateful that the Judge ruled in our favour to ensure that the ownership of these oil reverses are retained in South Africa and for its people”, said the CEF Group CEO, Dr Poolo. Commenting further on the Judge awarding the traders a “hedge loss award”, Dr Poolo confirmed that CEF and SFF are taking legal advice with an intent to appeal that part of the judgement.

For more details, please contact:

 

Mr Jacky Mashapu

Manager Corporate Affairs: CEF Group

Cell: 071 485 6856

Tel: 010 201-4700

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Editor’s Note:

CEF SOC Ltd is a private company incorporated in terms of the Companies Act. It controls entities in the energy sector with commercial, strategic, regulatory and developmental roles, housed in four operating subsidiaries.

These are the Petroleum Oil and Gas Corporation of South Africa (PetroSA), the South African Gas Development Company (iGAS), Petroleum Agency SA (PASA), the Strategic Fuel Fund Association (SFF) and the African Exploration Mining and Finance Corporation (AEMFC). Among other corporate functions, CEF manages the Equalisation and the Mines Health and Safety Funds on behalf of the Government.

For more information visit www.cefgroup.org.za

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Strategic Fuel Fund and Glencore Reach an Agreement on Oil Reserves

  • 17 September 2020 |
  • Published in Newsroom

 

MEDIA STATEMENT

 

STRATEGIC FUEL FUND AND GLENCORE REACH AN AGREEMENT ON OIL RESERVES

 

17 September 2020 - The Strategic Fuel Fund (SFF), a subsidiary of the Central Energy Fund, today reached an in-principle agreement with Glencore to reverse the sale of South Africa’s strategic crude oil that happened in 2015. Glencore, which bought 3 million barrels of oil, agreed that the sale was invalid. As part of this agreement, SFF would refund Glencore for monies paid to SFF

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CEF Kick-Starts Rationalisation of its Subsidiaries to Form a National Petroleum Company

MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 16 June 2020

For Immediate Release

CEF KICK-STARTS RATIONALISATION OF ITS SUBSIDIARIES TO FORM A NATIONAL PETROLEUM COMPANY

Johannesburg -The Central Energy Fund Board today announced that it has given management a go-ahead to start a process to consolidate its three subsidiaries, PetroSA, Strategic Fuel Fund and Igas to establish a National Petroleum Company of South Africa.

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Former DG Appointed SFF Chairperson

MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 2 June 2020

For Immediate Release

 

FORMER DG APPOINTED SFF CHAIRSPERSON

Johannesburg -The Central Energy Fund Board today announced the appointment of former Director-General for the Department of Energy, Ms. Nelisiwe Magubane as the new Chairperson of the Strategic Fuel Fund (SFF) with immediate effect.

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Central Energy Fund not in Talks to Buy SASOL’S Petrol Stations

MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 26 May 2020

For Immediate Release

CENTRAL ENERGY FUND NOT IN TALKS TO BUY SASOL’S PETROL STATIONS

Johannesburg – The Central Energy Fund has noted with concern a daily newspaper media report titled: Central Energy Fund in talks to buy Sasol’s petrol stations” as malicious and bothering around sensational reporting.

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CEF Board Stabilises The Group with Appointments of New CEOs

MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 11 May 2020

For Immediate Release

CEF BOARD STABILISES THE GROUP WITH APPOINTMENTS OF NEW CEOs

 

Johannesburg – The Central Energy Fund (CEF), Board of Directors has filled all vacant Chief Executive Officers positions at all its Group of companies, in particular at CEF SOC, Strategic Fuel Fund (SFF), Petroleum Agency of SA (PASA) and PetroSA which have not had permanent CEOs since 2014.

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Central Energy Fund Partners with Africa Energy Indaba

  • 27 February 2020 |
  • Published in Newsroom

JOINT MEDIA STATEMENT

Central Energy Fund Partners with Africa Energy Indaba

This unrivalled collaboration is set to empower sectoral stakeholders with prevalent and cutting-edge industry content and insights, ultimately leading the way for a more progressive, prosperous and sustainable energy landscape and the economy as a whole.

FOR IMMEDIATE RELEASE

Johannesburg, 25 February 2020: The Central Energy Fund (CEF) is proud to announce its premium partnership with the Africa Energy Indaba, which is a definitive energy conference to be held in Cape Town from the 2nd to 4th March 2020.

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PETROSA Board Appoints New Group CEO

  • 22 January 2020 |
  • Published in Newsroom

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 a 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.

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Vision and Mission

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


Mission
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

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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.