PetroSA running on fumes

Photo_Web_PetroSA_300715

PetroSA is set to make losses of about R15-billion for the latest financial year.

PetroSA is set to make losses of about R15-billion for the latest financial year.

Photo_Web_PetroSA_300715

PetroSA is set to make losses of about R15-billion for the latest financial year.

PetroSA is set to make losses of about R15-billion for the latest financial year.

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.