https://www.engineeringnews.co.za

PetroSA suspends CEO, CFO

Nosizwe Nokwe Macamo

Nosizwe Nokwe Macamo

22nd June 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

The PetroSA board has suspended its group CEO Nosizwe Nokwe Macamo and CFO Lindiwe Bakoro with immediate effect.

This followed the national oil company’s decision, last month, to request its top three executives to take gardening leave, owing to poor performance. However, the CEO and CFO had refused to take leave.

During their absence, Mapula Modipa would act as CEO and Webster Fanadzo as CFO.

Acting VP of upstream operations Andrew Dippenaar had accepted the board’s proposal to take leave, with Varsha Singh stepping into his position in the interim.

The board would now conduct an investigation into the financial performance of the company, which it expected would take two to three months to finalise.

Earlier this month, the Portfolio Committee on Energy suggested that PetroSA board members should lead by example and also resign.

The national oil company expected to announce a massive loss when it releases its financial statements at the end of July, owing to the dismal failure of Project Ikhwezi‚ which aimed to extend the life of Mossgas‚ its gas-to-synthetic fuel refinery.

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

ALBIS FLANGES (Pty) Ltd
ALBIS FLANGES (Pty) Ltd

ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...

VISIT SHOWROOM 
Sulzer Pumps (SA) (Pty) Ltd
Sulzer Pumps (SA) (Pty) Ltd

Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...

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:0.051 0.184s - 148pq - 8rq
Subscribe Now