PetroSA is taking steps to end a legacy of mismanagement and continuing annual losses as it plans a project with TotalEnergies , according to its interim chairman.
The state-owned oil company has reported a string of losses, including a record R20.7 billion in 2019, and experienced a high turnover of executives through the same period. More recently, the government made plans to expand PetroSA’s profile, adding gas and fuel storage businesses as the nation sees an increase in oil and gas activity.
“To us, leadership is critical,” Nkululeko Poya, chairman of PetroSA, who has served in the role since last year, said in an interview in Cape Town. The company expects to appoint a chief executive officer and chief operating officer by the end of November. “If you want change, one of the things you might want to do is to change the executives that have created those losses.”
South
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
