Photo by: Duane Daws
State-owned oil company PetroSA is expected to announce a massive loss when it releases its financial statements at the end of July‚ the newspaper reported.
This is due to the dismal failure of Project Ikhwezi‚ which aimed to extend the life of Mossgas‚ its gas-to-synthetic fuel refinery.
The disaster‚ for now‚ has put paid to PetroSA’s ambitions to become the repository of the 20% free carry on behalf of the government in all future oil and gas private investments.
It also sheds light on the boardroom drama in which Energy Minister Tina Joemat-Pettersson and the PetroSA board asked three executives to take extended leave for poor performance.