Urgent action is required to merge the Central Energy Fund’s (CEF) subsidiaries into one national petroleum company, a move executives at the state-owned group say will result in R1.4bn cost-savings overlaps and lucrative new market opportunities.

In a presentation to the parliamentary committee for mineral resources & energy, CEF group CEO Ishmael Poolo said time was of the essence to merge PetroSA, the Strategic Fuel Fund (SFF) and iGas into one viable, revenue-generating company. Given solvency and liquidity challenges, particularly at PetroSA, immediate action is critical to ensure survival of the CEF, Poolo said...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now