South Africa Shale-Boom Outcome Won’t Mirror Mining Says ANC
This article is for subscribers only.
South Africa will make sure its population benefits when it develops its shale gas and offshore oil industries and won’t repeat the errors it made with mining, said Zweli Mkhize, treasurer of the ruling party.
A law approved by South Africa’s parliament that will give the state a free 20 percent stake in new oil and gas ventures and enable it to buy an unspecified additional share at an agreed price is awaiting the signature of President Jacob Zuma. Companies including Exxon Mobil Corp. and Total SA have said the law will deter investment.