JOHANNESBURG, July 5 (Reuters) – Black ownership of fuel
companies operating in South Africa is far below state-mandated
targets agreed in 2000, the energy minister said on Thursday,
warning companies could lose their operating licences if they
failed to make up ground.
Under the Petroleum and Liquid Fuels Charter of 2000,
companies committed to achieve 25 percent black ownership by
2010 to boost the participation of blacks in the Africa’s
biggest economy.
But Energy Minister Dipuo Peters said an audit had found the
average black shareholding was 18.9 percent instead of the
mandated 25 percent. Only Total had fully complied
with this ownership obligation.
“Overall the findings of the audit are extremely
disappointing,” Peters told journalists.
Other firms active in the industry include South Africa’s
state-owned PetroSA, Shell, BP, Chevron,
petrochemicals group Sasol, and Engen, majority-owned
by Malaysian state oil group Petronas.
Peters said there was only 48 percent compliance with the
charter, which also set targets on management control, oil
procurement, skills development, participation of women, access
to joint infrastructure and retail networks, among others.
The minister said she would meet with the companies to set
agreed deadlines for them to meet these targets. She could not
specify how much time they would be given.
But she warned that companies continuing to violate the
charter could lose their licenses or have their activities
curtailed, such as limiting their crude imports.
South Africa is a net importer of fuel and any disruption to
refining activities and crude imports could hit supplies of
fuel. South Africa suffered shortages last year because of
strikes and refinery problems.
Continued…
