Hawks probing PetroSA staffers for fraud, corruption

2018-06-01 07:34

PetroSA is at the centre of a fresh storm, as senior staffers have been accused of fraud and corruption in a case now being investigated by the Hawks.

PetroSA saved (for the moment)

2018-04-22 05:56

State-owned oil company PetroSA was been saved from an imminent R7.4 billion cash crunch by the minister of environmental affairs, Edna Molewa.

CEF to probe PetroSA, SFF deals and will seek legal action over fuel sale

2017-10-24 06:01

The Central Energy Fund's board wants a court to declare an illegal sale of SA's strategic oil reserves void, and plans to launch a full-scale probe into the Strategic Fuel Fund and PetroSA, a source told Fin24.

Wait on for veil to lift on SA secret fuel sale

2017-10-03 07:02

The Central Energy Fund board chairperson says the fund is still calculating how much SA lost when 10.3 million barrels from its strategic fuel reserve were sold off in 2015.

Ailing PetroSA clinches deal with Russian exploration firm

2017-09-04 16:38

PetroSA has signed a deal with Russian exploration company Rosgeo which is expected to bring oil and gas development of about $400m to South Africa.

Relief for financiers as loss-making PetroSA gets new board

2017-07-06 10:40

The Central Energy Fund has appointed an interim board for PetroSA as financiers seek assurances after PetroSA’s botched Project Ikhwezi made a R14.5bn loss.

Only two board members left at beleaguered PetroSA - report

2017-06-07 12:13

Four of the six remaining board members at PetroSA have tendered their resignations, according to a report.

PetroSA to axe staff to save its skin

2017-05-07 06:10

PetroSA this month began a process of laying off 15% of its employees in a bid to keep the struggling state oil company from going into business rescue.

Central Energy Fund mum on fate of PetroSA board members

2017-04-24 20:16

The Central Energy Fund declined to comment on a report that its chairperson allegedly asked board members of PetroSA to resign with immediate effect.

No one held to account as PetroSA bleeds

2017-03-15 11:56

PetroSA says its staggering R14.5bn financial loss in the 2014/15 financial year will spike with an additional R1.1bn, bringing the figure to a total of R15bn.


PetroSA must move from ICU to normal ward before it becomes healthy, says Radebe

2018-05-08 14:37

Energy Minister Jeff Radebe supports the Central Energy Fund's turnaround strategy to nurse PetroSA back to health.

EXCLUSIVE: PetroSA said to be on verge of promoting previously suspended officials

2018-04-13 18:02

The state owned company has suffered various setbacks including a R1.4bn loss in the 2016-17 financial year and the resignation of board members in the midst of its financial bedlam.

Caught between a rock and Zwane

2017-10-08 06:00

Facing insolvency, the Central Energy Fund is being dogged by a dodgy fuel deal and uncertainty over the role of the resources minister.

PetroSA makes R1.4bn loss in 2016/17

2017-09-29 19:04

PetroSA’s net loss of R1.4bn in the 2016/17 financial year casts doubt on whether the state-owned entity would be able to continue operating, the Auditor General says in a report.

Minister denies CEF board suspension

2017-08-01 15:51

Energy Minister Mmamoloko Kubayi has denied that she had suspended the Central Energy Fund's board members.

PetroSA on the brink after R14.5bn loss

2017-06-25 06:02

Financiers seek assurances in the wake of the gross mismanagement and incompetence that led to Project Ikhwezi’s collapse.

LPG sector needs better price regulation - competition watchdog

2017-05-30 16:28

The domination of big players in the liquefied petroleum gas sector and unregulated prices keep out small players and lead to market abuse, says the Competition Commission.

Petro SA mum on business rescue reports

2017-05-04 17:10

The Central Energy Fund is handling certain issues regarding its subsidiary Petro SA internally and will make its decisions known in time, says a spokesperson.

Leadership void and losses plague these state companies

2017-03-24 07:05

Key state companies and agencies that play a pivotal role in driving the SA economy and distributing essential services are in disarray.

SOEs becoming 'piggybanks of politicians' - Save SA

2017-03-13 12:28

The crisis in state-owned companies has resulted in a call by Save South Africa for a judicial commission of inquiry to expose poor governance and reckless leadership.

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