ANC ups stake in Shell ahead of shale gas exploration

(Also read "South African firm ready to start exploratory fracking in the Karoo")

The ANC has reportedly upped its stake in Shell South Africa, a company that intends to frack for shale gas in the Karoo.

Batho Batho Trust, the ANC’s investment arm, has a 51 percent stake in Shell’s Black Economic Empowerment (BEE) partner Thebe Investments.

Thebe Investments now owns 28 percent of Shell in South Africa

“Thebe Investments now owns 28 percent of all activities related to Shell in South Africa,” says Jeanie le Roux, Head of Operations at the Treasure Karoo Action Group. “Thebe Investments increased their share in Shell mere months before licenses are expected to be issued for shale gas exploration."

Le Roux expects Shell South Africa’s share price to increase dramatically once Government issues these licenses.

“The ANC would then directly benefit,” says Le Roux. “It’s an unfair advantage to Shell. It also incentivises the ANC to push ahead with fracking despite environmental concerns."

Steamrolling the processing of fracking applications

“The processing of fracking applications is going ahead regardless of a myriad of outstanding issues yet to be dealt with regarding mining’s regulatory regime,” says Le Roux.

Le Roux believes South Africa doesn’t have enough electricity to derive fuel from gas.

Listen to the audio for more detail.

(Also read "South African firm ready to start exploratory fracking in the Karoo")


This article first appeared on 702 : ANC ups stake in Shell ahead of shale gas exploration


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Need a loan? How to improve your credit score (before you apply)

Need a loan? How to improve your credit score (before you apply)

Get a free credit report, then follow these five tips and see by how much you can improve your credit record.

5 rubbish beliefs about investing that are keeping you from getting rich

5 rubbish beliefs about investing that are keeping you from getting rich

Financial advisor Warren Ingram rubbishes some popular, yet blatantly untrue ideas that are keeping people from growing wealthy.

‘Americans are brilliant at consumerism! Brilliant!’ (lessons from the US of A)

‘Americans are brilliant at consumerism! Brilliant!’ (lessons from the US of A)

Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis for his weekly small business feature.

R8 million Rubens masterpiece found in SA after languishing on a wall since 1932

R8 million Rubens masterpiece found in SA after languishing on a wall since 1932

Smuggled out of Germany in the 1930s, then forgotten in Joburg. Bruce Whitfield interviews fine art specialist Luke Crossley.

How to make your first R1 million (after that it just becomes so much easier)

How to make your first R1 million (after that it just becomes so much easier)

Rich. Wealthy. Financially free... Call it what you will; the first million is how you get there. Warren Ingram on his book...

South African firm ready to start exploratory fracking in the Karoo

South African firm ready to start exploratory fracking in the Karoo

Bundu Gas and Oil is rubbing its hands in anticipation of a gas find that could start wiping out our power shortage by the 2020s.

Popular articles
First-ever CT shooter gets probation thanks to ShotSpotter gunfire tech

First-ever CT shooter gets probation thanks to ShotSpotter gunfire tech

The City of Cape Town welcomes the first-ever ShotSpotter-linked conviction and sentence, handed down this month.

Damning audio of Tom Moyane instructing Sars official to fake illness emerges

Damning audio of Tom Moyane instructing Sars official to fake illness emerges

The instruction from Moyane to the official was to allegedly avoid speaking to KPMG investigators during 'rogue unit' inquiry.

Woman exposed for calling fellow aircraft passengers the K-word

Woman exposed for calling fellow aircraft passengers the K-word

Reverend Solomuzi Mabuza says he is considering laying charges against the woman for calling him a ka***r.

Why Ethiopian Airlines (not SAA) is Africa's biggest and best airline

Why Ethiopian Airlines (not SAA) is Africa's biggest and best airline

State-owned (but not managed) Ethiopian Airlines is profitable. Bruce Whitfield interviews Africa correspondent Lee Kasumba.

Willemse will take Supersport to Equality Court over walk-out findings

Willemse will take Supersport to Equality Court over walk-out findings

On Tuesday, SuperSport released the findings of an investigation by Advocate Vincent Maleka.

Career sabotage and an alleged 'sex pest' CEO - Grant Thornton's culture exposed

Career sabotage and an alleged 'sex pest' CEO - Grant Thornton's culture exposed

Former director Nerisha Singh says Grant Thornton SA sabotaged her job prospects after speaking up about sexual harassment claims.

46 women rescued in Joburg sex trafficking raid

46 women rescued in Joburg sex trafficking raid

An expert on human trafficking explains how the syndicate operates and how women are lured into dens.

Max du Preez opens up about money (and losing everything on Vrye Weekblad)

Max du Preez opens up about money (and losing everything on Vrye Weekblad)

The Money Show’s Bruce Whitfield interviews the famed and fearless journalist about his money history, hopes and beliefs.

This video doorbell lets homeowners check on the front door from their phones

This video doorbell lets homeowners check on the front door from their phones

On Technobyte this week the traditional doorbell goes hi-tech, Uber wants to fly you and Google is launching an AI lab in Ghana.