PetroSA running on fumes

File: PetroSA has asked the central energy fund to place it under business rescue. Photo: eNCA

JOHANNESBURG - PetroSA is in financial trouble. It has asked the central energy fund to place it under business rescue.

The state-owned company has been running at a loss for the past three years.

READ: Media, public blocked from parly meeting on PetroSA impairment

It's expecting another R2.2-billion loss for the year ended in March.

But despite the financial trouble, PetroSA paid out R17.3-million in performance bonuses to its executives.

It's failed Ikhwezi project has also cost nearly R15-billion in the  2014-2015 financial period.

eNCA

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