Give SA space to extract oil - Ramaphosa
PRETORIA – President Cyril Ramaphosa said it was critical that South Africa be given space to extract oil and gas as it takes part in a global energy transition away from fossil fuels.
“As we confront the reality of energy insecurity and the development of new energy sources, it is critical that South Africa, like all developing economies, be given the necessary developmental space,” Ramaphosa said in an address
yesterday. to the Investing in African Mining Indaba
“Countries in the African continent need to be able to explore and extract OHANNESBURG – African airlines are clubbing together to negotiate better prices and a steady flow of jet fuel, a move to help stave off a potential crisis caused by supply issues and soaring costs.
A committee has been formed – including major carriers such as South African Airways and Kenya Airways – to secure deliveries for 12 months starting in July, African Airlines Association Secretary General Abderahmane Berthe said during a briefing in the Kenyan capital, Nairobi.
“We are in the last round of negotiations, the process will end in June,” he said.
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The talks started even before a weekend of turmoil in Nigeria, Africa’s most populous country, where airlines threatened to stop flying until further notice in response to surging fuel prices following Russia’s invasion of Ukraine.
They later called off the plan after the government agreed to hold talks with The Airline Operators of Nigeria trade group to try and seek a resolution. Nigeria has 23 carriers, mostly very small.
In South Africa, the country’s airports operator said some airlines had been cancelling flights due to fuel-supply issues and pledged to remedy the situation.
Prices
“Jet-fuel prices have escalated to an average of almost 30 per cent of operating costs for African airlines from 20 per cent previously,” Kenya Airways Chief Executive Officer (CEO) Allan Kilavuka said during oil and gas in an environmentally into South African water - is speculated responsible and sustainable manner,” to be among the largest commercial oil he said. finds on the African continent to date.
“These resources are important for “In our onward march towards a energy security, for social and economic low-carbon future, it is critical that our development, and for reducing efforts are both realistic and sustainable,” energy poverty in the continent. And Ramaphosa said. we do not see this trajectory as being In line with South Africa’s just transition mutually exclusive to our focus on efforts, it is in the process of moving towards ensuring that we mobilising international finance as reduce our carbon footprint.” part of the effort to ensure that affected He noted that as South Africa unAt the same time, in the Rovuma communities and existing industries
oil dertakes a just energy transition, it is basin offshore of neighbouring Moare supported, he added. “It is clear containedintheUnited Nations (ǦUN) developmen twhil earecent, major important to adhere to the principle zambique, a significant gas find is in that as our reliance on coal is reduced,
pathways towards new economic activity Framework Convention on Climate discovery in the deep waters of Namibia need to be created for workers Change of common but differenti- - in the Orange Basin which stretches in affected industries,” he said. OHANNESBURG – Standard Bank says it has appointed Nonkululeko Nyembezi as Chair-designate of the group and the Standard Bank of South Africa, with effect from June 1, 2022.
The group said it had obtained the necessary Prudential Authority clearance for the appointment.
Nyembezi was appointed to the boards of Standard Bank Group and SBSA in January 2020 as an independent non-executive director. Her experience includes being both a Board chairman and a member of Board committees, with core expertise in strategy, planning, execution, governance and corporate stewardship.
Her previous roles include serving as chairman of the Johannesburg Stock Exchange and Alexander Forbes Group Holdings, non-executive director of Old Mutual, CEO of ArcelorMittal South Africa, and non-executive director of Standard Bank Namibia. the Nairobi briefing.
“We are looking at other areas where we can control costs,” the CEO said. Kenya Airways was already struggling to survive before the recent upheaval, suffering years of losses and rising debt.
The African Airlines Association’s Berthe said one of the continent’s long-standing aviation problems ated responsibilities and respective capabilities.
Ramaphosa’s comments come as exploration for oil and gas offshore of South Africa is increasingly met with great resistance. Appeals to the regulator and legal challenges to activities have frustrated and even thwarted exploration efforts offshore of the country.
Mozambique
was there were too many airlines for the amount of travel demand.
“Every country wants to have a national carrier, they want to create a hub – this is not possible,” he said. “We may need six or seven global operators and some intra-African operators with the two systems working together to create codeshare agreements.”
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Nyembezi is Chairman of Business Leadership South Africa (BLSA) and also represents corporate South Africa at international investment conferences including the World Economic Forum and the SA Tomorrow conference.
An electrical engineering graduate of the University of Manchester Institute of Science and Technology (B.Sc.) and of the Californian Institute of Technology (M.Sc), Nyembezi also holds an MBA from the Open University (UK.).
Standard Bank Group Chief Executive Sim Tshabalala, said: “Our chairman-designate is a truly remarkable person. By every possible measure of experience, character, skill and achievement, Ms Nyembezi is ideally suited to be the Chairman of the Standard Bank Group.
Ms Nyembezi is very strong with directly relevant academic background, great achievements as an industrialist and corporate leader, and her worldwide network of colleagues and peers combine to make her a very widely respected citizen of South Africa, Africa and the world.
“Nku is exactly the person that African’s leading financial institution needs to lead our Board and govern our business.
“It is also hugely significant to us that the Standard Bank Group will shortly have its first female chairman, and that this chairman is a black African woman. This is a profound and historic strategic moment – at once a proud celebration of unquestionable excellence and a moment of restorative justice.”