Having been briefed on the 2025-2030 strategic and annual performance plans as well as the 2025/26 budget of the Central Energy Fund (CEF) Group and subsidiaries, the Portfolio Committee on Minerals and Petroleum Resources is encouraged by the healthy balance sheet of the CEF Group.
The CEF Group’s balance sheet will fund the company’s operation until 2030, and the group is projecting a net profit of R398 million by 2030.
The committee views this information as positive, considering that CEF together with its subsidiaries, except for the Petroleum Agency South Africa (PASA), are Schedule 2 state-owned entities required to generate revenue to fund their operations, without allocation from the state.
The CEF Group’s subsidiaries are PASA, the African Exploration Mining and Finance Corporation (AEMFC), iGas, PetroSA and the Strategic Fuel Fund (SFF). Meanwhile, the CEF Group is in an advanced stage to merge PetroSA, iGas and SFF to establish a single state petroleum company called South African National Petroleum Company (SANPC).
SANPC is established as part of government’s initiative to repurpose and rationalise state-owned enterprises to support the country’s growth and development.
The committee, however, raised a concern with the missed target for SANPC to go live by 1 April 2025, as it was promised in February this year. CEF Group announced a new date of 1 May 2025.
Although noting the challenge of transferring the current employees and some assets from PetroSA, iGas and SFF to SANPC, the committee is comforted by relentless efforts to find an amicable solution with the organised labour as well as the authorities in Ghana to approve the transfer of assets belonging to PetroSA Ghana Limited back to PetroSA in South Africa.
The committee further welcomed the commitment by the Board of CEF Group to fill existing vacancies at the executive level to strengthen governance and improve delivery.
Africa Fact: Skeletons of pre-humans have been found in Africa that date back between 4 and 5 million years. The oldest known ancestral type of humanity is thought to have been the australopithecus ramidus, who lived at least 4.4 million years ago.
Super Flick
A Priest was seated next to Van Der Merwe on a flight to Brakpan.
After the plane was airborne, drink orders were taken.
Van Der Merwe asked for a Rum and Coke, which was brought and placed before him.
The flight attendant then asked the priest if he would like a drink.
He replied in disgust \”I\’d rather be savagely raped by a dozen whores than let liquor touch my lips.\”
Van Der Merwe then handed his drink back to the attendant and said \”Me too, I didn\’t know we had a choice.\”
Candy Butcher
A boer went to the appliance store sale and found a bargain. \”I would like to buy this TV,\” hetold the salesman. \”Sorry, we don\’t sell to boere,\” the salesman replied. He hurried home, took a shower, changed his clothes and combed his hair, then came back and again told the salesman \”I would like to buy this TV.\” \”Sorry, we don\’t sell to boere,\” the salesman replied. \”Bliksem, he recognized me,\” he thought. So he went for a complete disguise this time, haircut and new color, shaved off the baard, suit and tie, fake glasses, then waited a few days before he again approached the salesman. \”I would like to buy this TV.\” Sorry, we don\’t sell to boere,\” the salesman replied. Frustrated, he exclaimed \”Jislaaik, man! How do you know I\’m a boer?\”\”Because that\’s a microwave,\” the salesman replied.