JOHANNESBURG, Feb 24 (Reuters) - South Africa's PublicInvestment Corporation (PIC) is keen to invest in a domesticshale gas industry once it gets underway, its chief investmentofficer said on Monday.
The intention to invest in shale gas by the PIC, whichmanages 1.4 trillion rand ($128 billion) of South African publicemployee retirement funds, is the latest signal of thegovernment's commitment to developing a potential new supply ofenergy for Africa's largest economy.
"Shale will be a game changer here and we will be thebiggest investor," Dan Matjila told Reuters on the sidelines ofa listing event at the Johannesburg stock exchange.
"There is no doubt that we will want to participate in theseshale projects," he said.
Companies that have expressed an interest in shaleexploration in South Africa include Royal Dutch Shell.
South Africa's cabinet late last year proposed newregulations to govern exploration for shale gas after it lifteda moratorium in 2012 on the activity in its Karoo region, wherefracking might tap what is believed to be some of the world'sbiggest reserves of the energy source.
Fracking involves pumping pressurised water, chemicals andsand underground to release gas trapped in shale formations.
Matjila also said the PIC was "looking for partnerships inGhana and Kenya" with oil exploration companies.
Another gas play on the PIC's radar screen is massivediscoveries off the shores of Tanzania and Mozambique.
The region is now a key prospect for the export of liquefiednatural gas because of the size of recent discoveries, itslocation en route to Asia and its appeal to buyers trying todiversify away from big suppliers Qatar and Australia.
"Tanzania and Mozambique's offshore gas industries lookinteresting, we are looking at them quite closely because webelieve gas will change the economic structure of the region,"Matjila said.