14 Oct 2022

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Loss-making PetroSA paid CEO millions to leave

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Carol Paton
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PetroSA's gas-to-liquid plant in Mossel Bay.
PetroSA's gas-to-liquid plant in Mossel Bay.
Netwerk24

Troubled state-owned oil company PetroSA paid its former CEO millions to leave the company; yet, only a few months earlier, it had to borrow money from its parent company to pay staff salaries. 

PetroSA directors and management presented the company's annual results to the portfolio committee on mineral resources and energy in Parliament on Thursday. The company, part of the CEF group, made a loss of more than R1 billion, the latest in a long string of losses. Its losses were reduced by an R189-million loan from the Central Energy Fund (CEF), which was needed to pay salaries. 

PetroSA also has a R13 billion rehabilitation liability, which is underfunded by R9.6 billion.

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