PetroSA is set to make losses of about R15-billion for the latest financial year.
JOHANNESBURG – PetroSA has entered into an agreement to put it on a growth path.
The country’s national oil and gas company has signed a $400-million deal with Russian exploration company Rosgeo.
The funds will be invested in oil and gas development.
Through the project, up to 4-million cubic metres of gas will be extracted daily and sent to one of PetroSA’s refinery plants.
The embattled state-owned company has recorded massive losses in the past 3 years.
It’s estimated it will post a R2,2-billion loss for the most recent financial year.