Plans afoot to ensure PetroSA full partner of SA’s new state-owned petroleum company: Mantashe

CAPE TOWN - Minister of Mineral and Petroleum Resources Gwede Mantashe said that plans were afoot to ensure the Petroleum Oil and Gas Corporation of South Africa (PetroSA) was a full partner of South Africa's new state-owned petroleum company.

Mantashe addressed the media on the sidelines of the 30th annual Oil Week conference taking place in Cape Town.

The South African National Petroleum Company (SANPC) has been approved to start operating.

PetroSA is not included in the new entity due to poor finances, but Mantashe said that getting the national oil company back in the black was the top priority.

"What we have done is to transfer all the assets of other entities and ringfenced the difficult part of PetroSA, and appointed a smaller legacy board to work on PetroSA until PetroSA is fully functional, to be fully attached to the SA Petroleum Company. So, it does not exclude it."