The new M122 million Petroleum Fund Headquarters will ensure the state-owned entity does not depend on the government for funds.
The ground-breaking project, which is scheduled for completion by February 2026, will bring sustainability because the Fund will rent out some of its office spaces.
According to the acting chief executive officer of Petroleum Fund ‘Makananelo Kome, the organisation in 2020 formulated a new strategy together with the ministry of finance and that of energy.
Kome said one of the things identified was that Petroleum Fund was financially stable, but in a very risky financial position because their asset base is on a cash basis. They therefore needed to diversify their assets and have capital infrastructure.
“A conclusion was made that they need to build the Petroleum Fund Headquarters, which should not only be offices but should also have a commercial element, whereby they will be able to rent out the building so as to generate revenue.
“This will bring some security regarding sustainability as it will prevent us from going to the government when we need funding,” she noted.
At the same occasion, the minister of finance and development planning, Retšelisitsoe Matlanyane – who officiated the sod turning ceremony for the new head office this week – said they started with Petroleum Fund, advising it to get a head office.
Matlanyane said many state-owned enterprises have money-related issues because they have been depending on the government since they started operating.
She indicated it was about time these entities started growing and becoming autonomous.
“Petroleum Fund is small in terms of staff, but looking at the building, it will allow them to rent out offices, and this will make them sustainable.
“It is our goal for all state-owned entities to take this route, because people who get into business find it difficult to find business space,” she indicated.
She urged all institutions which are still in good condition when it comes to money to continue renting out.
Matlanyane said this ground breaking project is the first of its kind to be funded through Central Bank bonds.
The managing director of architecture company Trend Group which designed the building, Lenka Mphafi, said the Petroleum Fund Headquarters is a reinforced concrete frame structure.
Mphafi said the headquarters will have five floors plus a basement; in the basement there are 33 parking spaces which will accommodate cars, bikes and bicycles.
The ground floor has a reception area, a restaurant, a coffee bar and a guard house.
“The first floor has an innovation hub, a conference hall which accommodate 130 people at a go and a kitchenette, sit-room and servery.
“With the second and third floors, the client is hoping to rent it out, and therefore we advise anyone who is willing to rent it to meet up with Petroleum Fund because when the building is complete it is going to be hard to find space, given the high demand for space in Maseru,” Mphafi pointed out.
The fourth floor is purely dedicated for Petroleum Fund staff and is divided into middle and senior management. It also has a gymnasium on the same floor.
