Mineral Resources and Energy Minister Gwede Mantashe says the optimal development of oil and gas resources has the potential to change the fate of the SA economy, and could spur GDP growth to as high as 8%.
"This year, in quarter one, GDP growth was 0.4% - we just escaped being in recession. In quarter two, we grew by 0.6%. Again, it was very little growth. If we can access these deposits of oil and gas, our growth rate … in GDP terms will touch 5% to 8%," the minister said in his address to the third annual Southern Africa Oil and Gas Conference, which kicked off in Cape Town on Wednesday.
In light of this, South Africa has a responsibility to ensure it exploits deposits and converts them into wealth for the country in order to tackle unemployment, poverty and inequality, he said. Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Source: Energy Industry News (energyindustrynews.net)
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