The South African National Petroleum Company (SANPC), a new state-owned petroleum company, was formed after a policy statement was made by President Cyril Ramaphosa on Wednesday, Cape {town} Etc reports.
The SANPC was formed after the Central Energy Fund (CEF) subsidiaries, iGas, PetroSA and the Strategic Fuel Fund merged.
The SANPC (South African National Petroleum Company) is set to play a key role in the countrys energy sector, aiming to ensure stable energy supply, promote new technologies, build crucial infrastructure and form strategic partnerships.
According to the South African Government News Agency , the company will also manage South Africas petroleum resources, contributing to economic growth.
SANPC was recently approved to start operating under the Public Finance Management Act of 1999. This new state-owned company was announced by President Ramaphosa in his 2020 State of the Nation Address as part of a plan to streamline state-owned enterprises.
