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Central Energy Fund - Media Statements- CEF Group

Newsroom (19)

AG’S Report Exonerates CEF Executives on Unlawful Appoinment Allegations

MEDIA STATEMENT


Attention: News Editors and Journalists
26 January 2022
For Immediate Release


AG’S REPORT EXONERATES CEF EXECUTIVES ON UNLAWFUL APPOINTMENT ALLEGATIONS

Johannesburg-The Board of the Central Energy Fund welcomes the Auditor General’s final management report relating to the appointment of its executives as being lawful. The report
further confirms that all internal recruitment policies and processes were complied with in the appointment of the CEF Group CEO, Dr Ishmael Poolo, Group Chief Operations Officer,
Dr Tshepo Mokoka and Group Executive: Legal Affairs, Ms. Brenda Moagi.

This conclusive finding emanated from a spurious and misleading news article published in the Sunday Times on the 10th October 2021 to deflect attention from real pertinent issues,
purporting that senior CEF executives were appointed without a due process.

At the time when Sunday Times elected to run the story on the 10 October 2021 under a headline: “AG confirms staking of CEF’s C-suite”, the CEF Board had already instituted
an internal forensic investigation to test the veracity of these allegations. Unfortunately, the Sunday Times chose to rely on an inconclusive Auditor General’s management report
findings which were far from the truth and were driven by internal and external forces seeking to undermine the efforts of the GCEO in stabilising the CEF Group.

An independent law firm, MBADA Labour Relations firm was appointed to investigate and advise the CEF Board on whether there are merits into these allegations and if so, guide
the CEF Board on a way forward (i.e. to assist the Board in leading evidence in a disciplinary hearing in the event that any form of consequence management initiatives were to be taken
against the CEF GCEO) and his executives.

The final investigative report by MBADA Labour Relations firm tabled at the recent CEF Board meeting confirmed that these allegations were baseless. Given that there were no
merits on these allegations, the Board has decided not to institute any disciplinary action against the GCEO and his executives. As the CEF Board, we feel vindicated by these
findings which followed relentless engagements with the AG’s office with regards to the inconclusive management report that was leaked to media.

We believe that this unfortunate sensational news reporting by Sunday Times is the regurgitation of an orchestrated smear campaign by disgruntled employees who are hellbent
to de-focus and stall the good work of these executives in their effort to root out corruption within CEF and its subsidiaries.

We have also noted that these leakages could be as a result of the fact that, there are several disgruntled former and current employees whose employment contract were
terminated or are in line to be subjected to disciplinary processes for either corruption, theft, abuse of power, non-performance or malfeasance.

The Board reiterates its position that it will stop at nothing to deal with corruption, nonperformance or malfeasance within the CEF Group and we will not allow the conduct of
disgruntled employees to de-focus us and management in fulfilling our mandate of guaranteeing the security of energy supply for South Africa.

For more information, contact:


Jacky Mashapu
Corporate Affairs Manager
Cell: 081 011 7528
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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iGAS and CMG Exercise Pre-Emptive Rights to Acquire 30% of SASOL Shares in the ROMPCO Pipeline

JOINT MEDIA STATEMENT


Attention: News Editors and Journalists

Date: Sunday, 27 June 2021

For Immediate Release

iGAS and CMG EXERCISE PRE-EMPTIVE RIGHTS TO AQUIRE 30% OF SASOL SHARES IN THE ROMPCO PIPELINE


Johannesburg- iGAS, a subsidiary of the Central Energy Fund (CEF), in partnership with Companhia Mocambiçana de Gasoduto (CMG), a subsidiary of the Empresa Nacional de Hidrocarbonetos, EP (ENH), today announced that they have exercised their pre-emptive rights to acquire a 30% equity stake in the ROMPCO pipeline valued at R4, 145 billion.


This decision is the culmination of a public statement issued by Sasol on May 14 2021 that it had concluded a sale and purchase agreement (SPA), to sell a 30% equity interest in the Republic of Mozambique Pipeline Company (ROMPCO), subject to pre-emptive rights held by iGas and CMG as other shareholders.


ROMPCO is a joint venture between Sasol South Africa (50%), Companhia Mocambiçana de Gasoduto (CMG) (25%) and South African Gas Development Company (SOC) Limited (iGAS) (25%). The joint venture owns the 865 kilometre gas transmission pipeline from Mozambique to South Africa.


The successful conclusion of the SPA will position iGAS and CMG as majority shareholders, as their equity shares will increase from 25% each to 40%, respectively, with Sasol holding a 20% minority shareholding. The transaction will be fully funded from past and future dividends generated by ROMPCO itself.


Commenting on the decision to exercise iGAS pre-emptive right, the CEF Group CEO, Dr. Ishmael Poolo said: “There was a concerted effort to fast track the acquisition of these shares, which is a hallmark of the group’s investment strategy in the energy value chain geared to reignite the South African economy and create much needed jobs. It also furthers the mandate held by iGAS for the development of gas and gas infrastructure in Southern Africa”.

“The acquisition of these shares also heralds a new era in fostering partnerships as well as laying a solid foundation to address the challenges that lie ahead in the security of South Africa’s energy future, he added. “


The Chairman and Chief Executive Officer of ENH, Mr. Estevão Pale, said that “besides the foreseen economic impact, CMG and IGas joint decision to exercise the pre-emptive right represents a new chapter for ROMPCO, as it is an enabler for a much wider scope of cooperation between ENH and CEF. Mr. Pale further clarified that “Having both governments as majority shareholders of the cross-border pipeline is strategic, since the pipeline is the single source of gas to the South African market, and gas is the immediate alternative supplier of cleaner energy”.


The chairperson of the Central Energy Fund, Ms. Ayanda Noah added: “The IRP 2019 identifies closer co-operation between governments in the region as a critical step in unlocking the flexibility that gas introduces into South Africa’s energy mix. A greater participation in this asset will be an important step in realizing that co-operation objective, as well as bolstering the region’s transition to a low carbon economy.”


For more details, please contact:


Mr Jacky Mashapu

Manager Corporate Affairs: CEF Group

Cell: 071 485 6856

Tel: 010 201-4700

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.


Editor’s Note: CEF SOC Ltd is a private company incorporated in terms of the Companies Act. It controls entities in the energy sector with commercial, strategic, regulatory and developmental roles, housed in four operating subsidiaries.


These are the Petroleum Oil and Gas Corporation of South Africa (PetroSA), the South African Gas Development Company (iGAS), Petroleum Agency SA (PASA), the Strategic Fuel Fund Association (SFF) and the African Exploration Mining and Finance Corporation (AEMFC). Among other corporate functions, CEF manages the Equalisation and the Mines Health and Safety Funds on behalf of the Government.


For more information visit www.cefgroup.org.za

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CEF Refutes a Misleading News Headline “Cabinet Inaction Delays Merger of Three State Energy Subsidiaries

MEDIA STATEMENT


Attention: News Editors and Journalists

Date: 8 May 2021 For Immediate Release


CEF REFUTES A MISLEADING NEWS HEADLINE “CABINET INACTION DELAYS MERGER OF THREE STATE ENERGY SUBSIDIARIES”


Johannesburg – The Central Energy Fund (CEF) has noted with concern a misleading headline titled “Cabinet Inaction delays merger of three state energy subsidiaries” in one of the daily newspapers.
During a virtual meeting of the Portfolio Committee on Mineral Resources and Energy held on Tuesday, 02 March 2021, the CEF Group CEO, Dr. Ishmael Poolo shared a progress update on the rationalisation of three of its subsidiaries (PetroSA, Igas, and Strategic Fuel Fund) to establish a National Petroleum Company of South Africa.


CEF would like to put it on record that the GCEO, Dr. Poolo never insinuated that Cabinet inaction delays the merger of the three subsidiaries to establish a National Petroleum Company of South Africa. In fact, he informed the committee that a full submission is going to be tabled before Cabinet soon, with proposed viable options for considerations and approval.

For more information, contact:

Jacky Mashapu Corporate Affairs Manager

Cell: 071 485 6856

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Ends

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CEF and SFF Welcomes Western Cape High Court Decision on the Sale of Strategic Stock

20 November 2020 

To all Editors/News Reporters

For immediate Release

 

JOINT MEDIA STATEMENT

 CEF AND SFF WELCOMES WESTERN CAPE HIGH COURT DECISION ON THE SALE OF STRATEGIC STOCK

 

Johannesburg- Today, the Central Energy Fund (CEF) and its subsidiary, the Strategic Fuel Fund (SFF) welcomed the Western High Court judgement in reversing the sale of SA’s Strategic Crude Oil Reserves sold in 2015. This landmark victory is a culmination of a series of court proceedings that CEF and SFF Board launched after it discovered that the former CEO of Strategic Fuel Fund (SFF), Mr. Sibusiso Gamede, unlawfully concluded a series of agreements, which resulted in the disposal of South Africa’s 10 million barrels of Strategic Crude Oil Reserves.

In welcoming the Western Cape High Court judgement, the SFF CEO, Mr. Godfrey Moagi said, “We are vindicated by this high court ruling. If these unlawful transactions were left unchallenged, the country would have suffered huge financial losses given the repurchase price of the Oil reserves at the prevailing market rates”. “As a company, we would ensure that all measures are in place to institute consequence management against all employees cited in the case for wrongdoing, particularly those who are still in the employ of SFF,” he added. All traders have agreed that the sale of the strategic crude oil reserves were invalid, And as part of the high court settlement, the Strategic Fuel Fund (SFF), a subsidiary of CEF would refund all monies paid to it with interest accrued.

“As a Group, we are grateful that the Judge ruled in our favour to ensure that the ownership of these oil reverses are retained in South Africa and for its people”, said the CEF Group CEO, Dr Poolo. Commenting further on the Judge awarding the traders a “hedge loss award”, Dr Poolo confirmed that CEF and SFF are taking legal advice with an intent to appeal that part of the judgement.

For more details, please contact:

 

Mr Jacky Mashapu

Manager Corporate Affairs: CEF Group

Cell: 071 485 6856

Tel: 010 201-4700

E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Editor’s Note:

CEF SOC Ltd is a private company incorporated in terms of the Companies Act. It controls entities in the energy sector with commercial, strategic, regulatory and developmental roles, housed in four operating subsidiaries.

These are the Petroleum Oil and Gas Corporation of South Africa (PetroSA), the South African Gas Development Company (iGAS), Petroleum Agency SA (PASA), the Strategic Fuel Fund Association (SFF) and the African Exploration Mining and Finance Corporation (AEMFC). Among other corporate functions, CEF manages the Equalisation and the Mines Health and Safety Funds on behalf of the Government.

For more information visit www.cefgroup.org.za

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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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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.