PetroSA has two weeks to make a plan to return it to the black, MPs say
Chair of the portfolio committee on energy Fikile Majola says the state petroleum firm can no longer be allowed to waste taxpayers’ money
MPs have given the embattled state-owned petroleum firm, PetroSA, two weeks to come with a plan to save the company from bankruptcy. ANC MP and chairperson of the portfolio committee on energy‚ Fikile Majola‚ lashed out at executives from the troubled energy utility on Monday, and ordered them to return to Parliament in two weeks’ time with a detailed and practical plan to return PetroSA to the black. Majola said the company‚ which has been struggling to recover from its financial woes since it reported a R15bn loss in 2016‚ said the company could no longer be allowed to continue to waste taxpayer’s money. He questioned whether PetroSA could continue existing as a going concern. MPs also expressed unhappiness about PetroSA senior executives pocketing bonuses of up to R2.4m each while it was bleeding money and had retrenched more than 200 workers.