PetroSA Says to Probe Three Top Executives

Source: Reuters 5/28/2015, Location: Africa

South Africa's state oil company PetroSA said three top executives have been asked to take special leave pending an investigation into their performance following declining revenues.

The leadership uncertainty follows a failed bid by PetroSA to enter the fuel retail market and a loss of 1.2 billion rand ($100 million) in its 2013/14 financial year.

PetroSA, which operates the world's third-largest gas-to-liquid refinery at Mossel Bay, has had to devalue production and exploration assets to the tune of 3.4 billion rand after delays in one of its major drilling operations.

The firm said in a statement that it was in "discussions" with CEO Nosizwe Nokwe-Macamo, finance chief Lindiwe Mthimunye-Bakoro and acting vice-president of upstream operations Andrew Dippenaar "pending an investigation into their performance and company related matters".

Based the outcome of the discussions, the company may appoint an interim management team, PetroSA spokeswoman Zama Luthuli said in a statement.

The executives could not be reached by Reuters for comment.

The firm, which sells petrochemical products to South Africa's major oil companies and also exports to international markets, is expected to reduce its workforce by about 40 percent to cut costs.

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