Oil. Picture: REUTERS
Oil. Picture: REUTERS

Former director-general for mineral resources and energy Nelisiwe Magubane has been appointed the chair of the Strategic Fuel Fund (SFF), which is mandated to manage SA’s strategic crude oil stockpile

Magubane’s appointment comes as a number of key vacancies have been filled at state-owned enterprises in the mineral resources and energy portfolio. In mid-May the Central Energy Fund (CEF) announced it had filled all vacant CEO positions within the group, marking the first time in six years that the state-owned company and its subsidiaries have all had permanently appointed leaders.

The SFF has been the subject of controversy after 10-million barrels of reserves were irregularly sold off for below-market prices in 2015. The matter was the subject of a forensic investigation and, in April 2020, the SFF announced it would launch a court challenge to invalidate the sale.

Magubane has 25 years’ experience in the energy sector and has held various senior positions. In November 2000, she joined the department of energy as the chief director responsible for the restructuring of the electricity sector, planning and implementation of the electrification programme. She was later appointed as a deputy director-general responsible for the development of the policies that govern the electricity, nuclear and clean energy in SA. She served as director-general of the department from 2009-2014.

Most recently, Magubane was an executive chair of Matleng Energy Solutions and served as a non-executive director at various energy companies in SA.

She will take over from interim chair Monde Mnyande who serves as the permanent CEF group chair.

The CEF also announced on Tuesday that it had appointed seasoned business executive Sembie Danana as a non-executive director of PetroSA.

“These appointments could not have come at a better time, when the group is embarking on a journey to merge three subsidiaries, PetroSA, SFF and IGas, to form a National Oil and Gas Company of SA,” said Monde. “We look forward to tap into their rich experiences, as business leaders to complement the work of existing directors to bring stability and certainty within the group”.

steynl@businesslive.co.za

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