The Petroleum Fund today announced its new Strategic Plan, which will guide its work over the next five years. The new plan presents itself as 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”. It reflects the Fund’s thoughts around practical approaches that can be used to ensure that it effectively carries out its mandate of ensuring that there is the security of supply of petroleum products in the country.
The plan also reflects the views of various stakeholders within the petroleum sector, and builds on the outgoing plan achievements, while addressing its shortcomings and applying lessons learnt from it. The Fund will ensure that it stays on schedule, responds to the national needs, and changes course when necessary. Accordingly, this plan will be subjected to constant reviews.
Below is the summary of the Strategic Plan:
A progressive, adequately resourced and sustainable petroleum industry that contributes significantly to the socio-economic development of the country.
Spearhead the supply of adequate and reliable petroleum products at competitive and reasonable prices to consumers in all parts of the country.
STRATEGIC FOCUS AREAS: The Fund will focus on the following prioritised strategic areas in its development agenda for the next five years:
Strategic Focus Area 1: Enabling Policy and Legal Environment
The Fund will advocate for the updating of various legislative instruments, and policy frameworks, in order to enable the institution to better respond to current and future challenges confronting the petroleum sector. Initiatives under this goal will include, but not limited to, the amendment to the Lesotho (Petroleum Fund) Regulations of 2009, and the review of the Slate Management Policy.
Strategic Focus Area 2: Capacity Enhancement of the Fund
Under this goal, the Fund will continue to develop and implement capacity building programmes for its workforce, in order to ensure that it remains relevant and equal to its tasks, in this dynamic environment. It is also to further promote the culture of good corporate governance and effective organisational leadership.
Strategic Focus Area 3: Financial Sustainability of the Fund
In recognition of its mammoth responsibility to finance some of the petroleum projects, the Fund will focus its attention on the diversification of its investment portfolio. This will entail efforts to enhance efficiency in levy collection, and investing in capital projects, with good return on investment.
Strategic Focus Area 4: Meaningful Stakeholder Engagements
The Fund recognises that, in order to effectively execute its mandate, there is a need to develop strategic partnerships and strengthen collaboration and cooperation among the sector stakeholders. Accordingly, programmes of engagement shall be developed and rolled out.
Strategic Focus Area 5: Service Delivery Enhancement
The Fund is sensitive and committed to ensuring that there is equitable supply of petroleum products across the country. Part of the efforts to achieve this goal will be to roll out the outcomes of the Transaction Advisory Services Consultancy that is currently being undertaken. The work entails a Gap Analysis on the availability and supply of petroleum products in the country.
Strategic Focus Area 6: Infrastructure Development
Under this goal, the Fund will continue to support Government’s efforts to establish a Strategic Storage Facility and Depots for all products. It will further advocate for strengthened infrastructure security measures at petrol and LPG stations.
Strategic Focus Area 7: Reputation and Image of the Petroleum Fund
On this focus area, the institution will strive to uphold credibility and integrity at all times. In this regard, initiatives such as developing a Service Charter, and undertaking Corporate Social Responsibility projects, will be carried out.
Strategic Focus Area 8: Strategic Partnerships with Regional and International Organisations Operating in the Petroleum Industry
As part of its repositioning, the Fund will continue to benchmark its operations with other regional and international organisations, particularly in the areas of project financing and regulation.
For more details, please contact:
Ms. Hakiloe Makhena
Office of the Executive Secretary