Welcome Note by Petroleum Fund Executive Secretary
The Petroleum Fund was established with the mandate to finance petroleum-related projects, to address the objectives of its enabling legislation which address, among others, the purchase of petroleum products in times of need; and the improvement of the distribution of petroleum products throughout the country. The Fund is committed to embarking on petroleum investments that will, not only ensure that there is the security of supply of petroleum products in Lesotho, but that investment opportunities are created for Basotho within the petroleum sector, including overall economic stimulation and job creation in the country.
In this regard, the Fund launched a new Strategic Plan 2020-2025, which took effect on 1st April 2020. This Plan is an ambitious commitment and radical attempt by the Fund to make impactful interventions within the petroleum sector, amidst a myriad of supply constraints in the oil market. It is based on the theme, “Expanding Activities, Improving Engagements, and Building Capacity”, and will focus on the following prioritized strategic areas:
- Enabling Policy and Legal Environment
- Capacity Enhancement of the Fund
- Financial Sustainability of the Fund
- Meaningful Stakeholder Engagements
- Service Delivery Enhancement
- Infrastructure Development
- Reputation and Image of the Fund
- Strategic Partnerships with Regional and International Organisations operating in the Petroleum Industry.
The Strategy is already on a rollout and a number of initiatives have already been undertaken to achieve its objectives. These include a review of a number of legal instruments that impact the petroleum sector, with the intention to bring them in line with global industry dynamics, market trends, and investment environment; An audit of the existing skills and experience set within the organization, to determine any possible realignment that will effectively respond to the ambitions of the Fund’s new vision; A deepened assessment of the investment market, with the objective of diversifying the Fund’s investment portfolio; including concerted efforts at enhancing the Fund’s public presence through brand repositioning, and meaningful stakeholder engagements.
In a word, these are exciting times at the Fund, with a lot of activities on turning it around, and operationalizing its mandate.
We will keep on providing updates on these developments, as and when they occur.
Thato M. Mohasoa