Tainted energy utility says ‘radical actions’ required to ensure its survival as biggest loss by state-owned company polarises Energy Department and MPs STATE oil company PetroSA on Wednesday tabled its annual financial statements to Parliament, confirming speculation of a record loss of R14.5bn for 2015, and stated that "radical actions" would be required to ensure its survival.The size of the loss, the biggest by a state-owned company, has been the focus of tense discussions within the government for months and has polarised the Department of Energy and MPs on whether executives or board members should be held responsible.The business of PetroSA includes the exploration and production of oil and natural gas, and the production of synthetic fuels from offshore gas in Mossel Bay. Its sole revenue stream has been the Mossgas refinery. However, PetroSA has ambitions of a bigger role as the holder of the state’s free-carry in new oil and gas interests.An attempt to extend Mossgas’s lif...
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