https://www.engineeringnews.co.za

PetroSA denies business rescue allegations

8th May 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

State-owned oil and gas company PetroSA on Monday refuted claims that it had asked its holding company, the Central Energy Fund, to place it under business rescue, stating that it was not in “financial distress”.

It said media reports last week about the alleged request were “inaccurate and unfair [and] painted a negative picture”.

“The company's financial year-end reflects an adequate cash balance. Current assets and cash flow projections show that the company will have adequate cash resources for the business to carry on with its normal trading activities and meet its financial obligations for the foreseeable future,” it said in a statement.

Further, on the claims that the company would be posting a R2.2-billion loss for the year ended March 31, following a R14.6-billion loss in the 204/15 financial year, PetroSA said it was still preparing its results for the financial year under review.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alcohol Breathalysers
Alcohol Breathalysers

Supplier & Distributor of the Widest Range of Accurate & Easy-to-Use Alcohol Breathalysers

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.112 1.174s - 122pq - 2rq
Subscribe Now