, starting with the 2,000 megawatt risk mitigation programme that looked designed to favour gas.
This state-owned gas trader will source gas, initially from Mozambique, and import it via the existing Rompco pipeline. “Sasol, ENH and CEF are currently concluding negotiations of a memorandum of cooperation to pursue importing additional gas to South Africa,” Sasol told us in a written response, while CEF described it as a “tripartite agreement”.
It is unclear what benefit any of the parties will get from this structure. Normally, a gas trader would expect to earn a through-put fee or margin on all the gas it supplies, but Sasol stressed that the state-owned gas trader will not earn any fee or margin on Sasol’s gas. With these two deals – the creation of a state-owned gas trader and the Rompco sale – Sasol is steadily transferring its investment in gas and associated risks to state-owned entities. Sasol will continue to use gas as it weans its Secunda operations off coal, but only for as long as it is profitable to do so.
CEF’s stake in Rompco and the new state-owned gas trader is housed in its subsidiary, iGas, but all CEF’s subsidiaries are in the process of merging to form the new National Petroleum Company.Expanding the use of gas is unashamedly part of CEF’s strategy. In its annual corporate plan, presented to Parliament in May, CEF laid out an ambitious growth trajectory that would see it triple its revenue from R12.8-billion in 2021/22 to R34.
to or from Mozambique...who has the gas here
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