Cabinet has approved the submission of the South African National Petroleum Company (SANPC) Bill of 2024 to Parliament.<\/p>\n\n\n\n
The Bill provides for the establishment of a state-owned company, giving effect to the Cabinet decision of 10 June 2020 to merge PetroSA, South African Gas Development Company (iGas) and the Strategic Fuel Fund Association.<\/p>\n\n\n\n
\u201cLocal refining capacity in South Africa is largely held by international oil companies (IOC), which poses a risk to the security of liquid fuels as IOCs are shutting down refineries,” said Minister in The Presidency Khumbudzo Ntshavheni. <\/p>\n\n\n\n
\u201cThe proposed Bill positions the company as the national champion that will hold oil and gas exploration rights on its own and hold shares through State carry method in privately held rights.”<\/p>\n\n\n\n
In addition, Cabinet has approved the publication of the draft Petroleum Products Bill for public comments.<\/p>\n\n\n\n
\u201cThe purpose of the Bill is to ensure security of petroleum products and orderly development of the petroleum products sector, including the introduction of modern, cleaner products and renewable components which will improve the energy mix,” said the Minister. <\/p>\n\n\n\n
\u201cThe Bill will contribute towards the government priorities on economic transformation and job creation in the South African petroleum products sector governance and will address several concerns that were raised in relation to the administration of the Petroleum Products Act, 1977 (Act 120 of 1977).”<\/p>\n\n\n\n
Meanwhile, Cabinet has approved the submission of the draft Mine Health and Safety Amendment Bill to Parliament.<\/p>\n\n\n\n
\u201cThe draft Bill seeks to amend the Mine Health and Safety Act, 1996 (Act 29 of 1996) by streamlining administrative processes, strengthening enforcement provisions, reinforcing offences and penalties, and amending certain definitions,” said the Minister. <\/p>\n\n\n\n
\u201cThe draft Bill will, among others, guarantee that health and safety standards are effectively implemented, enforced and improved in mines, thereby reducing fatalities, injuries and occupational diseases.” <\/p>\n\n\n\n