Petroleum Fund launches blueprint

MATHATISI SEBUSI

MASERU – Petroleum Fund Lesotho (PFL) yesterday launched a new strategic plan for the next five years to ensure security of supply of petroleum products in the country.

Speaking at the launch of PFL’s strategic plan 2020 – 2025, yesterday the fund’s Executive Secretary Thato Mohasoa said the plan, among others, reflects on views of various stakeholders within the petroleum sector and builds on the ongoing achievements, while addressing its short comings and applying lessons learnt from it.

He said through the strategic plan, PFL will ensure that it stays on schedule, responds to national needs, and changes course when necessary. The blueprint will be subjected to constant review. He said the plan will work alongside PFL’s vision which is to ensure a progressive, adequately resourced and sustainable petroleum industry that contributes significantly to the socio-economic development of the country and its mission to spearhead the supply of adequate and reliable petroleum products at competitive and reasonable prices to consumers across the country.

Mohasoa said the plan will focus on an 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 Petroleum Fund and strategic partnerships with regional and international organisations operating in the petroleum industry.

“The Fund will advocate 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,” he said. They will continue to develop and implement capacity building programmes for their workforce, in order to ensure that it remains relevant and equal to its tasks in the dynamic environment.

PFL, he added, recognises that in order to effectively execute its mandate, there is need to develop strategic partnerships and strengthen collaboration and co-operation among sector stakeholders, therefore the fund will develop and roll out programmes of engagement.

“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,” Mohasoa noted, adding that they will also continue to support the government’s efforts to establish a strategic storage facility and depots for all products and advocate for strengthened infrastructure security measures at the petrol and LPG stations.