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Media Statements- CEF Group

Strategic Fuel Fund and Glencore Reach an Agreement on Oil Reserves

 

MEDIA STATEMENT

 

STRATEGIC FUEL FUND AND GLENCORE REACH AN AGREEMENT ON OIL RESERVES

 

17 September 2020 - The Strategic Fuel Fund (SFF), a subsidiary of the Central Energy Fund, today reached an in-principle agreement with Glencore to reverse the sale of South Africa’s strategic crude oil that happened in 2015. Glencore, which bought 3 million barrels of oil, agreed that the sale was invalid. As part of this agreement, SFF would refund Glencore for monies paid to SFF

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CEF Kick-Starts Rationalisation of its Subsidiaries to Form a National Petroleum Company

MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 16 June 2020

For Immediate Release

CEF KICK-STARTS RATIONALISATION OF ITS SUBSIDIARIES TO FORM A NATIONAL PETROLEUM COMPANY

Johannesburg -The Central Energy Fund Board today announced that it has given management a go-ahead to start a process to consolidate its three subsidiaries, PetroSA, Strategic Fuel Fund and Igas to establish a National Petroleum Company of South Africa.

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Former DG Appointed SFF Chairperson

MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 2 June 2020

For Immediate Release

 

FORMER DG APPOINTED SFF CHAIRSPERSON

Johannesburg -The Central Energy Fund Board today announced the appointment of former Director-General for the Department of Energy, Ms. Nelisiwe Magubane as the new Chairperson of the Strategic Fuel Fund (SFF) with immediate effect.

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Central Energy Fund not in Talks to Buy SASOL’S Petrol Stations

MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 26 May 2020

For Immediate Release

CENTRAL ENERGY FUND NOT IN TALKS TO BUY SASOL’S PETROL STATIONS

Johannesburg – The Central Energy Fund has noted with concern a daily newspaper media report titled: Central Energy Fund in talks to buy Sasol’s petrol stations” as malicious and bothering around sensational reporting.

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CEF Board Stabilises The Group with Appointments of New CEOs

MEDIA STATEMENT

Attention: News Editors and Journalists

Date: 11 May 2020

For Immediate Release

CEF BOARD STABILISES THE GROUP WITH APPOINTMENTS OF NEW CEOs

 

Johannesburg – The Central Energy Fund (CEF), Board of Directors has filled all vacant Chief Executive Officers positions at all its Group of companies, in particular at CEF SOC, Strategic Fuel Fund (SFF), Petroleum Agency of SA (PASA) and PetroSA which have not had permanent CEOs since 2014.

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Central Energy Fund Partners with Africa Energy Indaba

JOINT MEDIA STATEMENT

Central Energy Fund Partners with Africa Energy Indaba

This unrivalled collaboration is set to empower sectoral stakeholders with prevalent and cutting-edge industry content and insights, ultimately leading the way for a more progressive, prosperous and sustainable energy landscape and the economy as a whole.

FOR IMMEDIATE RELEASE

Johannesburg, 25 February 2020: The Central Energy Fund (CEF) is proud to announce its premium partnership with the Africa Energy Indaba, which is a definitive energy conference to be held in Cape Town from the 2nd to 4th March 2020.

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PETROSA Board Appoints New Group CEO

Johannesburg – The PetroSA Board is pleased to announce the appointment of Mr Pragasen Naidoo as a new Group CEO with effect from the 17th January 2020, subject to transitional arrangement with Central Energy Fund. His appointment followed a rigorous recruitment process to appoint a permanent Group CEO after the entity has had a number of executives on an acting role since 2014.

Prior to his appointment as the PetroSA Group CEO, Mr Naidoo, in addition to other roles, served as the Group Chief Operations and Business Development Officer at the Central Energy Fund (CEF), a holding company of PetroSA.

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South Africa & South Sudan Sign Exploration and Production Sharing Agreement

The deal – which is strategic for South Africa as an energy consumer – will see Block B2 operated by state-owned Strategic Fuel Fund (SFF), the Ministry of Petroleum and Nilepet, the national oil company of the Republic of South Sudan. This is the second EPSA signed since South Sudan gained independence in 2012 and shows progress for the country’s oil industry as production resumes at existing oilfields and new exploration begins.

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Statement issued by the Central Energy Fund on the SFF rotation of strategic stocks

The Board of the Central Energy Fund has noted the article in the Business Day of 26th May 2016, titled “Strategic Stock sold off secretly”. We wish to correct the impression created by the article that there are issues based on the misunderstanding of the management of strategic stock. The article makes particular incorrect assertions, which if not corrected may create uncertainty in an already volatile oil market.

We have to emphasise that Strategic Stocks are managed through Ministerial Directives and this case was no different. The notion that the country is put at risk through this rotation is factually incorrect.

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Vision and Mission

Vision
 To secure reliable and affordable diversified energy security solutions for the South African economy by 2030.


Mission
To provide and enable sustainable energy security solutions for South Africa in order to contribute to economic development and alleviate poverty in an environmentally responsible manner.

About CEF

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CEF SOC Ltd. is involved in the search for appropriate energy solutions to meet the energy needs of South Africa, the Southern African Development Community and the sub-Saharan African region, including oil, gas, electrical power, solar energy, low-smoke fuels, biomass, wind and renewable energy sources.