Petroleum Liquid Fuels Development Agency is an entity that seeks to break the barriers that have hindered previously disadvantaged individuals from participating in the petroleum liquid fuels industry as the industry is cash intensive.
The agency’s objective is to create a conducive environment that levels the playing field allowing for capacitation of new players before integration into the industry.
The Agency has established a Petroleum Liquid Fuels Fund that will be a financial solution to the current challenges faced by the industry. South Africa currently consumes 2.7 billion litres of Petroleum each month into the the grid network which is currently in the hands of the minority. The fund will assit previously disadvantaged individuals to attain a strong foothold into the industry.
The oil industry is divided into upstream and downstream activities. Upstream refers to the exploration and production of cru de oil. Downstream refers to the refining, transportation and marketing of end user products. South Africa has no crude oil reserves of its own and about 60% of its crude oil requirements are met by imports from the Middle East and Africa (Source: South Africa Yearbook 2012/2013).