Wonder if its anything to do with this? Reginald Mengi
TPSF forms firm to take part in oil, gas economy BY THE GUARDIAN REPORTER 20th May 2014 Email Print
TPSF Chairman, Dr Reginald Mengi In efforts to increase the participation of local people in the country’s economy, particularly oil and natural gas, a new company has been formed.
Known as the Tanzania Oil and Gas Corporation PLC, it is the brainchild of the Tanzania Private Sector Foundation (TPSF), according to a statement availed to The Guardian yesterday and signed by the TPSF Chairman, Dr Reginald Mengi.
Dr Mengi said the aim is to ensure that Tanzanians get the opportunity to participate, own and invest in all fields of mining, oil and natural gas, from upstream to downstream, through the company.
He said in order to ensure that most Tanzanians own shares in the company one of the conditions set out is to restrict an individual, group of people, company or related companies to own more than five percent of all its shares.
He said Tanzania Oil and Gas Corporation PLC will inform the public on how the shares can be obtained once it is ready to start work.
“We hope that this company will invest in capacity building, value and supply chain in oil as well as natural gas. The company is for Tanzanians; thus it is free to partner with foreign companies whenever necessary,” Dr Mengi said, adding:
“We believe that by doing so we will increase opportunities, the capacity and participation of Tanzanians in oil and natural gas.”
He explained that the TPSF made efforts to meet with the Permanent Secretary of the Ministry of Energy and Minerals, Parliamentary Committee on Energy and Minerals and the Parliamentary Committee on Economy, Industry and Trade on possibilities of the company to collaborate with the Tanzania Petroleum Corporation (TPDC).
He explained that the aim was for them to invest in natural gas exploration on plots set aside to be developed in future, such as plots number4/1B and 4/1C. Mengi noted that the objective of the company is not to take over the role of TPDC, but to collaborate with it as it works with foreign investors.
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