CEF subsidiaries must ‘merge or meltdown’
Delays in obtaining cabinet approval pose a risk, says group CEO Ishmael Poolo
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...