National petroleum company on the cards

eNCA's Devan Murugan unpacks the latest top stories in business. Courtesy #DStv403

JOHANNESBURG - Cabinet has given the green light to a process to establish a single National Petroleum Company.

The entity will be made up of the three current subsidiaries of the Central Energy Fund, which includes PetroSA, the Strategic Fuel Fund and iGas.

READ: Oil giant BP to cut 10,000 jobs on virus fallout

PetroSA's financial troubles have been in the spotlight for some time with the Auditor-General saying in his 2017/18 report that it faces the risk of not being able to continue operating in future.

Meanwhile, the Strategic Fuel Fund is in a court battle to invalidate its controversial 2015 sale of SA's strategic oil stocks.

Source
eNCA