(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
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