Company name and legal status
The Hydrocarbons Price Stabilization Fund (HSPF), was established by Presidential Decree No. 74/458 of 10 May 1974, with the status of a public establishment with legal personality and financial autonomy. It was reorganized by presidential decree on 26 August 1998.
As such, the HSPF has legal personality and financial autonomy. It is under the authority of the Ministry in charge of prices (Ministry of Trade).
The Hydrocarbons Price Stabilization Fund (HSPF), established in 1974, worked for several years as a "light corporation". It was then under the authority of the Ministry in charge of prices, i.e. the Ministry in charge of Trade.
On 31December 1980, by Order No. 43/MINEP/SG/SAC, the structure was expanded by the establishment of the Accounting and Documentation Bureaus. In January 1988, Decree No. 88/150 established an Executive Committee. A profound reform occurred in 1998 with the reorganization of the Fund by Decree No. 98/165 of 26 August 1998, which transformed the Fund into a modern and autonomous structure governed by usual regulations for managing public establishments.
Thus, the following were set up: a flexible supervisory authority; a Board of Directors with usual authority; a general management under the authority of a Director General assisted by a Deputy Director General (the Director General of the HSPF now differs from the Price Director); and an auditor.
On 12 December 2002, under the chairmanship of Mr Louis Marie Abogo Nkono, the Board of HSPF held its 6th special session during which a new organisation chart was adopted. The organisation chart restructured the Fund into four departments, two Research Officers, eleven services, two executive assistants and nineteen bureaus. Finally the current organisation chart was adopted by the Board of Directors during the 16th special Session that took place on 13 December 2010.
The primary mission of the Hydrocarbons Price Stabilization Fund (HSPF) is to regulate hydrocarbon prices nationwide through managing partially or totally increases in prices of such products as much as it can financially.
The Fund participates in all operations aimed at controlling the national energy policy through acquiring shareholding in the fields of exploration, production, refining and distribution of hydrocarbons.
It ensures a steady hydrocarbon supply on the entire national territory by regulating stocks and prices. It also ensures arbitration necessary to maintain some healthy competition between the sector operators. It also supports consumer protection through two mechanisms: stabilization and equalization.