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PetroSA set to run out of cash, gas in 2022

Chairperson of the CEF Luvo Makasi on Tuesday told Parliament that PetroSA is fast running out of cash and gas reserves, but he believes the company can still be saved.

FILE: Chairperson of the Central Energy Fund Luvo Makasi. Picture: Screengrab.

CAPE TOWN - The Central Energy Fund (CEF) says it stands by its position that the country’s strategic fuel stocks were sold and not rotated as claimed by former Energy Minister Tina Joemat-Pettersson.

The Strategic Fuel Fund is currently locked in a legal battle with traders over the sale of 10,3 million barrels of fuel reserves in 2015.

Chairperson of the CEF Luvo Makasi on Tuesday told Parliament that PetroSA is fast running out of cash and gas reserves, but he believes the company can still be saved.

PetroSA is set to run out of cash and gas in early 2022. It also has decommissioning liabilities of R9.6 billion incurred in respect of its failed Ikhwezi gas exploration project.

But chairperson of the CEF Luvo Makasi says all is not lost.

“We need to set out the production problems at PetroSA and we think by doing that. We need to sort out the capacity of the refinery.”

He says a criminal case over the sale of the country’s fuel stocks is still ongoing.

“When you rotate, you take out the stock, you buy another one. And we did not do that ... ”

The energy fund says a turnaround plan for PetroSA is on the table, and every effort is being made to mitigate a shutdown.

(Edited by Shimoney Regter)