In terms of the draft bill, every exploration or production right must have a minimum of 10% participating interest by black peopleMineral resources and energy minister Gwede Mantashe. Picture: PUXLEY MAKGATHO
The state, through PetroSA, will have a right to a 20% “carried interest” in exploration and production rights. The costs of the carried interest will not be born by the state. PetroSA will have to appoint two or more representatives to the joint operating committee of the exploration or production operation to represent the state.
When the need arises, the minister may also, through a gazette notice, require a production-right holder to avail certain volumes of oil or gas to provide for the country’s strategic stock, paying fair market value for the acquisition.
Strange how the mention the “state” first and then the people (if anything is left) , just like” MYANC “ My ANC not yours or our !
On and on goes the Gravy train 🚂 mentality unabated and devoid of reality. Whose going to pay for the 30% ..... is it a freebie. and Taxes, and BEE, and royalties, and social responsibilities the dream goes on as investors are are nowhere to be seen & unemployment climbs
Probably sold it off for 30 pieces of silver? Ask TINA JOE
So let's chase away FDI in an environment when we need it most... brilliant!
By black participants they mean Ramaphosa, Pravin, DD, their children and other family members, other fake BEE fronted white owned companies
Another CORRUPT SCHEME OF ARRANGEMENT WITH THIS SO-CALLED “BLACK PARTICIPATION”.WHY NOT GIVE THE 30% TO STATE ? OR THAT 10% TO EMPLOYEES AND COMMUNITIES ON AN EQUTABLE BASIS?
How about no stakes? Why only black participants? What about the rest of the people in SA? Only their tax money matter?
They loot everywhere
just like the mafia
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The state and black participants to have minimum stakes in oil and gas projectsThe prescribed state interest is provided for in the draft Upstream Petroleum Resources Development Bill, gazetted on Tuesday Unathi_Kwaza And only to our list of nominees Unathi_Kwaza For free, of course Unathi_Kwaza MYANC elite black participants. I'm tired of this
Source: BDliveSA - 🏆 12. / 63 Read more »