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.


Canada >>  10/6/2022 - Pulse Oil Corp., is pleased to introduce Mr. Patrick Harrison as the Company's newest addition to its Board of Directors.

Mr. Harrison is ...

Canada >>  10/6/2022 - EverGen Infrastructure Corp., is pleased to announce the appointment of Sean Hennessy as Chief Financial Officer (“CFO”), effective immediately. Prior...

United States >>  10/6/2022 - Enviva Inc., the world’s leading producer of sustainably sourced wood biomass, announced that it has appointed Mark Coscio as Executive Vice President...
United States >>  10/6/2022 - Siemens Government Technologies (SGT) announced that Katy Nierman has been appointed its Chief Financial Officer.

Nierman joined SGT in 202...


Canada >>  10/5/2022 - Schneider Electric, the global leader in the digital transformation of energy management and automation, has appointed Joshua Dickinson as the new Sen...
France >>  10/5/2022 - The Board of Directors of EDF, meeting on 5 October 2022, took note of the appointment of Alexis Zajdenweber, Commissioner for the French State Partic...

Related Categories: Events  Executive Recruiting  General  Legal  Petroleum Associations  Professional Associations  Sourcing & Procurement 

Related Articles: Events  Executive Recruiting  General  Legal  Petroleum Associations  Professional Associations  Sourcing & Procurement 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.