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The Department of Minerals and Energy, in partnership with the petroleum industry and related stakeholders, hosted an Oil Summit from 9-10 October 2008, at the Gallagher Estate Convention Centre, Midrand.
Spiraling oil prices had negatively affected virtually all countries across the globe including South Africa. In our country, this has manifested itself in the following anomalies: high oil prices, high cost of living as well as high inflation. These developments, therefore, have necessitated that all stakeholders engage in dialogue to review and make policy proposals that will go to the very heart of these vexing challenges.
The summit focused on the entire value chain of the petroleum industry. This ranged from the pricing regime of the petroleum products employed in South Africa to logistical and related infrastructural investment requirements. It looked at the global impact of internationally traded commodities, security of supply, the role of the state as well as alternative energy sources.