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Johannesburg – The CEF Group is thrilled to announce its enthusiastic participation in the upcoming 3rd Annual Southern Africa Oil & Gas Conference, hosted by its subsidiary the Petroleum Agency SA (“PASA”), in partnership with the Department of Mineral Resources and Energy (“DMRE”) and the South African Oil & Gas Alliance (“SAOGA”). This prestigious event, scheduled for 13-14 September 2023, promises to be a pivotal platform for advancing discussions and collaborations in the rapidly evolving upstream petroleum industry across the Southern African Development Community (SADC) region.

The Southern Africa Oil & Gas Conference is a significant initiative that began in 2021 as a collaborative effort between PASA and SAOGA. With each passing year, the conference has grown exponentially in size and influence. In 2022, the partnership expanded to include the DMRE, resulting in a conference that was more than twice as large as its predecessor. This year, the 3rd annual conference is poised to set new records in terms of attendance, engagement, and impactful insights.

At the core of this initiative is the drive to create a comprehensive local platform accessible to a wide range of stakeholders, including the public and businesses seeking to explore opportunities in the upstream oil and gas industry. The annual conference provides participants with unparalleled strategic insights and valuable networking opportunities with industry peers, policymakers, and operators from across Southern Africa.

“The SADC region boasts a diverse landscape of oil and gas potential, with countries such as Namibia, Angola, Mozambique, Tanzania, Botswana, and Zimbabwe experiencing significant developments in this sector,” explains acting PASA CEO, Dr Tshepo Mokoka.

“This event aims to foster cross-border collaborations and knowledge sharing among these countries and beyond. The CEF Group is excited to play an active role in engaging with stakeholders from these nations, contributing to the broader conversation on sustainable development of the region’s valuable oil and gas resources,” says Dr Mokoka

 

Click here to view the full press release

Johannesburg-The Central Energy Fund (CEF) has noted a misleading media report aired on E-TV News channel on Tuesday night (21 February 2023) at 21:00 and repeated on ENCA’s Check point yesterday, wherein the Eskom’s CEO, Mr Andre de Ruyter is on record during an interview with Ms Annika Larsen saying from what we can hear from the recording while responding to a question:

“Now we are going into the realm of speculation, and again, no evidence. About three months ago there was a visit by the Russian Minister of Energy to South Africa. Russia as we know is very long on gas following its invasion of Ukraine. It is looking for markets for gas, there is no doubt about that. It was quite interesting for me to observe how soon after we received a request from the Central Energy Fund to transfer three of our aging power stations Camden, Hendrina and Grootvlei to the Central Energy Fund which by the way reports into the Department of Mineral Resources and Energy to convert those to gas. Ah, now maybe, I am adding one and one and getting three but, ah politics there is very seldom such a thing as a coincidence.” 

CEF considers it reckless for Mr de Ruyter to go on National television and make wild allegations about the request for collaboration with Eskom on the coal fired power stations that Eskom intends to decommission as he clearly says in the interview without evidence. Instead of focusing on the content of the letter he is referring to that he received from CEF he elects to indulge in the realm of speculation.

The intention though from Mr de Ruyter is a sinister one, which has nothing to do with addressing the debilitating effects of loadshedding on the South African economy through ensuring the optimisation of the capacity that sits within the South African state to address this challenge.

At the heart of the request from CEF to Eskom was and is still to intensify collaboration between the two State owned entities given the just energy transition and the importance of gas in this taking into account the fact that we have a base load capacity challenge. CEF is of the view that this needs to be taken seriously.

We have been at pains explaining to Mr de Ruyter that the collaboration of Eskom with an entity of the state such as CEF from a gas to power standpoint makes the most economic sense given

the Rompco infrastructure position and possibility of increasing gas flow and the implications thereof on the gas price. And, the implications of this on job retention and creation in the Mpumalanga area is also at the heart of our request for collaboration.

CEF mentions in our letter to Mr de Ruyter the importance of collaborating with Mozambique for gas to power given the gas pipeline infrastructure that the South African state co-owns through a 100% subsidiary of CEF, iGas. Mr de Ruyter instead as he clearly puts it in the interview chooses to indulge in speculation, and to his credit mentions that there is no evidence to the link he tries to make between our request for collaboration with Eskom and his speculation.

Mr de Ruyter is deliberately misleading in his response and hides behind the qualification that he makes before he proceeds to choose not to tell the truth regarding CEF’s proposal for collaboration with Eskom on gas to power. CEF is also of the view that it does not help to address the baseload capacity by replacing base load generation with intermittent generation profile, and our proposal is geared towards ensuring that this risk does not intensify. It is also important to indicate that CEF clearly indicated to Mr de Ruyter that it is not wise for land to be auctioned off without thinking about optimising synergies within the state in relation to generation.

It is unfortunate that CEF has been put in a position where it has to respond in public to Mr de Ruyter’s indulgence in the realm of speculation without evidence. We also attach our communication with him on this matter to indicate that one plus one is indeed two. And it should be noted that CEF has been calling for productive collaboration with Eskom long before the letter My de Ruyter is referring to.

CEF remains ready to continue to work with Eskom to deal with the current power challenges.

 

Click here to view the full press release

Johannesburg- This media statement provides a response that clarifies some of the misconceptions in the article titled “Diesel or darkness: PetroSA Charges Eskom unfair prices, extracts upfront payments.” Published on 2nd February 2023 authored by Mariam Isa and Chris Yelland. It is our view that this is a deflection designed to take away focus from the real issues and challenges that our economy has in relation to power generation. We see it fit to respond to this unfortunate article which seems not to be well versed in appreciating the dynamics and pricing structure in the product market and how this is linked to product supply nominations.

It is important to firstly provide context and dispel the misinformation that is being peddled in this article in relation to the Eskom supply of diesel by PetroSA. It is important to note that the contractual terms between PetroSA and Eskom are based on the Basic Fuel Price (BFP) pricing mechanism. This ensures that PetroSA sells to Eskom in line with the M-1 BFP.

Given that PetroSA has a thorough understanding of how the product market works, PetroSA engaged Eskom in October 2022 requesting Eskom to provide us with at least a 3 months forecast for their demand for diesel. This was mainly due to the losses that PetroSA was suffering due to the erratic or spot nature of the nominations of product volumes from Eskom.

The request for a 3 month forecast from PetroSA was informed by Eskom’s increasing burn rate which clearly indicated to us that the power generation challenge was deepening. This meant that spot nominations would have been a thing of the past had the PetroSA request been acceded to and by implication would have led to better landed product prices resulting in both Eskom and the South African economy benefitting.

In relation to the November 2022 supply to Eskom, PetroSA once again had prompt or spot demand from Eskom. This prompt demand resulted in PetroSA having to buy two spot cargos that were not linked to M-1 pricing. The published BFP pricing in November 2022 was based on the preceding month which resulted in the pricing exposure.

In relation to December 2022, PetroSA took a position in November 2022 and bought a cargo priced in November 2022 which would be aligned with the December 2022 published BFP. However Eskom did not purchase any volumes in December 2022 from PetroSA, and only requested volumes in January 2023. This meant that PetroSA was now exposed to a flat price with a huge price exposure to a January 2023 published BFP. The January 2023 BFP dropped by 140sacpl and this drastic drop exposed PetroSA to heavy losses hence the price of volumes sold to Eskom were not aligned to the January 2023 published BFP.

We make this point in relation to the two months to indicate the importance of providing a minimum 3 months forecast so that there is no pricing exposure and that volumes can be landed at the most favourable terms and price. There is no substitute for planning demand to produce a forecast when it comes to the demand side in the product market, otherwise spot prices will prevail. It is for this reason that PetroSA advises its clients that forecasting and planning are critical to ensure that cargo prices can be locked at favourable terms.

We reiterate that we are under no obligation to share commercial terms entered into between PetroSA and its customers. It is also important to state that PetroSA and Eskom will continue working together to find amicable ways to reduce loadshedding which is caused by high levels of breakdowns and limited emergency generation reserves.

For Media Enquiries

Ms Marlene Khumalo

081 725 3784

Email: marlene.khumalo@petrosa.co.za

Johannesburg– The Central Energy Fund welcomes the Tribunal’s approval whereby its subsidiary, Strategic Fuel Fund (SFF) was given a go-ahead to acquire 60% equity stake in the assets of Avedia Energy which includes the Liquefied Petroleum Gas (LPG) terminal in Saldanha, Cape Town.

Commenting on the approval, SFF CEO, Godfrey Moagi said the acquisition of the Avedia Energy business particularly the LPG terminal infrastructure will pave way for SFF to diversify its revenue stream in line with its strategic objectives.

“Through this asset SFF will also be poised to promote competitiveness in the downstream LPG market by enabling the importation of cheaper liquefied petroleum gas and storing it for the country’s energy needs as well as mitigating risks associated with product shortage as a result of local refining capacity being closed.

In our quest to transform the sector, SFF will also allow the previously disadvantaged South Africans (HDSAs) who want to participate in the petro-chemical business access to use the infrastructure,” Moagi added.

CEF’s Group CEO, Dr Ishmael Poolo said that the acquisition of this infrastructure forms part of the group’s fulfillment of its security of supply mandate to facilitate access to critical infrastructure and product accessibility at an affordable price.

“The acquisition of this key enabling infrastructure is in line with the group’s newly adopted strategy of being a strategic investor, geared to position the group as a credible energy investment company that will continue to invest in profitable growth opportunities across the energy value chain in SouthernAfrica to fulfill its mandate,” added Dr Poolo.

For more information, contact:
Jacky Mashapu
Corporate Affairs Manager
Cell: 081 011 7528
Email: jackym@cefgroup.co.za

Media Statement

To: All media

Date: 31 October 2022

DMRE AND CEF MOURN THE PASSING OF NELISIWE MAGUBANE

The Department of Mineral Resources and Energy (DMRE) and the Central Energy Fund (CEF) have learnt with sadness about the untimely passing of the Chairperson of the Strategic Fuel Fund, Ms Nelisiwe Magubane. Ms Magubane has served the Republic of South Africa with utmost dedication and excellence in various roles she occupied in the public service. A rounded servant of the people, Ms Magubane served as the Chief Director and Director General of the erstwhile Department of Energy; Eskom board member, and as the Board Chairperson of CEF’s subsidiary, the Strategic Fuel Fund, a position she held until her untimely passing. On behalf of the Minister, Deputy Minister and the entire DMRE team, we would like to express our heartfelt condolences to the Magubane family and extend our sympathies to her colleagues and friends in the Energy Industry. For media enquiries: Mediadesk@dmre.gov.za End Issued by the Department of Mineral Resources and Energy and the Central Energy Fund For enquiries: mediadesk@dmre.gov.za

End

Issued by the Department of Mineral Resources and Energy

Tuesday, 4 October 2022

Keynote Address, Dr Ishmael Poolo, CEF Group CEO

Thank you, Programme Director, for your kind introductions.

Good morning honourable ministers, distinguished guests and colleagues and a special warm welcome to those who come from other countries. I hope you are enjoying our great hospitality.

1. Our world has changed 

Philosophers tell us that the only constant in life is change. But you will agree with me that recently the pace of change itself has changed – it is now un-precedent faster – and thanks to the social media, the path for change advocacy is now unpredictable.

One of the themes that run through our constitution is the requirement for public consultation when government develops its policies and regulations.

South Africa’s energy planning processes consider basket of energy sources that can be used in the country to:

• Ensure energy security, by that I mean, Accessibility to critical infrastructure, Availability and Affordability; as a means to grow the economy and improve the standards of living of our people.
• Ensure the energy systems adequacy.
• Ensure that the country meets its climate change commitments.
• Reduce water use; and
• Support local economic development and curb unemployment.

2. South Africa’s Energy Status 

Since 2005, South Africa has been in a persistent cycle of energy uncertainty originating from a deficit in baseload and aggregate generation capacity. The result of the uncertainty has been intermittent controlled power outages for more than a decade, placing significant strain on economic growth.

South Africa’s current nominal production capacity is estimated at 46 466 MW, but this is limited by technical failure that erodes about 12 000 MW intermittently, as indicated in the Power Utility’s base unavailability plan. It is important to note that the baseload capacity of approx. 38 773 MW is consistently deteriorating given the nature and age of the current generation plants still utilised by the utility. Considering the utility’s base unavailability assumption, baseload is currently operating at no more than 26 000MW. If demand at curtailed consumption is estimated at about 36,000 MW, then I do not need to explain South Africa’s dire state, which you would have experienced by now even over a short stay.

The introduction of renewable independent power producers has over time sought to supplement the existing capacity. The National Energy Regulator of South Africa (NERSA) states that the increased development and integration of Renewable Independent Power Producers (REIPP) into the distribution system is growing, with 86 commercial REIPPs providing 5 946 MW of installed capacity into the grid by December 2021. The figure is expected to continue to grow over time to about 8 629 MW by 2023. This places South Africa’s renewable energy proportion of available capacity at about 30%, which is comparable to the developed world’s energy source component. 

As the International Energy Agency says in its Africa Energy Outlook, 2022 report, “oil and gas present an opportunity for the African continent to catch up with economic development which will result in the continent’s Green House Gas emissions increasing from the current 3% to a mere 3.5% of global emissions.” The upside to the continued use of oil and gas by Africa by far outweighs the risk to climate change.

Instead of South Africa being rewarded for deploying 30% renewables as a percentage of its generating capacity, the country is still chastised for its use of its natural endowment of natural resources.

Geopolitics continue to heavily influence governments’ energy policies. Noticeably, the European Union is now intertwining their trade policy with climate policy with an aim of using their strong trading position to influence / force African countries to accelerate their decarbonization.

It is unfortunate that the current EU cross-border carbon tax talks do not seem to differentiate between countries’ historic cumulative Green House Gas (“GHG”) emissions as well as heavy polluters with those countries that are undeveloped and have historically contributed less to Green House Gas emissions to date.

The intertwining of trade policy with climate policy has the risk of treating countries equally yet the current and historic share of GHG emission contributions is very different.

The wielding of trading power to force less developed countries to accelerate their decarbonization, to prematurely abandon the use of natural resources like oil and gas is tantamount to forcing countries like South Africa to a de-industrialization path. In the current situation of high unemployment this is not desirable for our country.

What we have noticed is that draconian Carbon Tax regimes are to be imposed as synonyms with decarbonization policy. In other words it is wrong to impose both decarbonization and trade policy (read, de-industrialization of Africa) as one.

3. IRP revision and Gas Master Plan development 

The process of developing the country’s gas master plan is now well underway and on 16 September 2022 the Director General of DMRE, Mr. Jacob Mbele, committed that the Department will finalise the Gas Master Plan by March 2023. This policy development will clearly outline how we intend to grow our domestic gas market and importantly how we will develop our indigenous gas resources which have been discovered onshore and offshore South Africa.

The process of revising the IRP has also started in earnest. This involves developing a base case for projected energy demand and solving for the least cost supply option that optimize, addressing the country’s electricity crisis, ensuring security of supply for economic growth,  addressing unemployment and using a just transition approach to addressing climate change; which are imperatives according to our priority ranking. The base case will then be published by the Department for public comments. I predict that this process will bring to the fore the issue of energy sovereignty i.e., the right of a government to determine its energy mix.

4. Coordinated Refined Fuel Importation 

It is very telling that today, South Africa is facing the fuel of crisis of 2005, another incident of market failure, and it comes largely because state intervention has not been forceful enough as it needs to be to address energy security.

The fuel crisis of 2005 and that of today demonstrate the short comings of an uncoordinated fuel industry which threatens security of supply through interruptions in fuel supplies including shortage of jet fuel. It was reported in the Moerane Fuel Investigation that such interruptions severely impacted essential sectors of the economy resulting in loss of revenue and reputational damage. Some of the interruptions included disruptions to the supply chain systems and flights had to be cancelled or postponed then and as we have seen in this week.

It is well document and known that the fuel supply crisis was triggered by operational problems at a number of refineries in the country and low stock levels by oil companies. Some of the reasons highlighted include

a) Poor coordination in the implementation of the January 2006 fuel specifications.

b) Uncoordinated scheduling of refinery shutdowns, which disregarded security of supply.

c) Low than demand levels of refined product stocks.

d) Inadequate logistical infrastructure.

e) Poor communication amongst key stakeholders. 

f) A shortage in inland/coastal supply dynamics, which culminated into a poorly managed supply and demand situation.

These crises also highlight uncertainty in the direction that South Africa should take with regard to local production of refined product. There would have been an expectation in 2005 that local refiners should invest necessary capital to expand capacity in the country’s aging refineries.

The industry was also plagued with the shortage of skills in both engineering and technical services, which contributed to the lack of investment problem.

What we put forward in support of the Moerane report are the following recommendations:

a) It is international best practice for government to hold strategic oil product stocks to protect the country against possible disruptions in global petroleum products supply. At the time of the fuel shortage, it was found that the country did not hold strategic refined product inventories. This was left to oil companies to hold commercial quantities of refined product inventories for their own customer needs. When the crisis hit, it proved that whatever stocks that were held by private companies were not sufficient for the country’s needs. Thus government agencies, namely the Strategic Fuel Fund, have to play an active role in finished product imports to ensure adequate response to a supply crisis, like the one we face today, yet again.

b) It would follow then that there is a need for a centrally managed monitoring role which would cover storage capacity, industry and commercial stock levels, production levels and overall refined products requirements for the country.

c) As the Central Energy Fund, in carrying out of energy security function, we should play an increasingly significant role in managing future supply demand projections in order to better coordinate requirements for additional refinery investments.

d) Another key limiting factor is delivering supplies inland, which points to the pipeline capacity constraints. When inland refineries lost production, it became impossible to adequately supplement inland fuel supplies from the coast. Thus highlighting the need for expanded pipeline capacity inland on an urgent basis.

e) There needs to be coordinated measures to encourage investment in fuels related infrastructure. State owned enterprises (SOEs) can play a leading role in these developments. Some options which may be considered are:

    a. The role state-owned entities like the Strategic Fuel Fund can play in expanding storage capacity.

    b. The consolidation of the petroleum logistic assets of Transnet in one unit within Transnet to enable benefits of scale and the holistic management thereof, for the benefit of South Africa as a whole; and

    c. A review of the policy, economics, commercial arrangements and efficiency of Transnet Pipelines to ensure security of supply from the coast into the inland market.

5. Summarize and conclude

Any energy security solution for Africa should address four imperatives:

1. A just transition from no energy; to energy security.

2. Security of supply; that seeks to balance the utilization of natural resources endowment, the cost of generating power and urgency to address climate change. (And let it be noted that the acceleration of renewables from developed countries is informed by security of Supply)

3. Energy security must address the debilitating high employment levels in our continent, which is a social unrest ticking time bomb by any standards.

4. Climate change and its impact on society remains a priority for African States; addressing this challenge does require innovative thinking that does stifle progress.

JOINT MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 29 June 2022 For Immediate Release

iGAS AND CMG COMPLETES THE ACQUISITION OF 30% OF THE ROMPCO PIPELINE FROM SASOL

 

Johannesburg- iGAS, a subsidiary of the Central Energy Fund (CEF), and Companhia Mocambiçana de Gasoduto (CMG), a subsidiary of the Empresa Nacional de Hidrocarbonetos (ENH), today announced the conclusion of Sasol´s 30% equity stake, in the Republic of Mozambique Pipeline Company (ROMPCO), pursuant to the exercise of their respective pre-emptive rights. The successful conclusion of the 30% equity stake means that iGAS and CMG are now the majority shareholders, as their equity shares will increase from 25% each to 40%, respectively, with Sasol holding a 20% minority shareholding.

Prior to the conclusion of this transaction, ROMPCO, which owns the 865-kilometre gas transmission pipeline from Mozambique to South Africa, was a joint venture between Sasol South Africa (50%), Companhia Mocambiçana de Gasoduto (CMG) (25%) and South African Gas Development Company (SOC) Limited (iGAS) (25%). Commenting on the successful completion of this transaction, the CEF Group CEO, Dr. Ishmael Poolo said: “We are delighted to have reached a financial close in acquiring these shares.” “Our relentless and robust approach in acquiring these shares is in line with our newly adopted strategy of being a strategic investor in the energy value chain that is geared to support the region’s energy needs.

This transaction will also pave a way for the group to lead the energy security and a just transition programme for South Africa”, added Poolo. ENH Chairman, Mr. Estevão Pale, said: “The financial close symbolizes the commitment the Government of Mozambique places in long-term natural gas trade between South Africa and Mozambique and the role natural gas plays in the energy transition in the country and the region.” Adding further that: “This achievement is a result of long-term public-private involvement and cooperation”. The chairperson of the Central Energy Fund, Ms. Ayanda Noah added: “The acquisition of these shares also heralds a new era in fostering partnerships geared to promote regional integrated energy development critical for socio-economic development in both countries”.

For more details, please contact:

 

Mr Jacky Mashapu

Manager Corporate Affairs: CEF Group

Cell: 081 011 7528

Tel: 010 201-4700

E-mail: jackym@cefgroup.co.za

 

Ms. Lina Aiuba

CEO of CMG

Tel: +258 21 333 795

Email: lina.aiuba@cmg

 

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

Dear Stakeholder

Please click here to view the speech

Venue: PETROLEUM AGENCY SA “PASA” / SOUTH AFRICAN OIL AND GAS ALLIANCE (“SAOGA”) CONFERENCE

Title: Unlocking the Onshore & Offshore Oil and Gas Potential in Southern Africa

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

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: jackym@cefgroup.co.za

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