Wednesday, March 12, 2014

South Africa's parliament passes bill giving state 20 percent of new oil ventures

South Africa's parliament passed changes to its main petroleum law giving the state a stake of 20 percent in new gas and oil explorations. The bill also gave the mines minister wide-ranging discretionary powers to place certain minerals in a "value-addition" category, which means a portion of the extracted resource would have to be processed domestically instead of exported in raw form.

The speed in passing the bill ahead of general elections in May has alarmed petroleum operators such

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