PetroSA's $400m Russian deal nothing to do with board ructions, says CEF chairman
PetroSA signed a deal with Rosgeo on the sidelines of the Brics Summit in China for oil and gas development on SA’s coast
State oil company PetroSA has signed an agreement with Russian geological exploration company Rosgeo, for about $400m to be invested in oil and gas development. Business Day reported last week that former PetroSA board member William Steenkamp had accused Central Energy Fund (CEF) chairman Luvo Makasi in court papers of firing the board because it did not support a partnership with a Russian company linked to President Jacob Zuma. Steenkamp has lodged an urgent application to set aside his axing and that of Owen Tobias, another board member, and for them to be reinstated. According to the founding affidavit filed by Steenkamp, the PetroSA board was fired because it had not signed due to its failure to sign off on the Rosgeo deal. In June 2017, six board members resigned from PetroSA after Makasi had instructed its members to resign with immediate effect, or submit oral representations at the annual general meeting as to why they should stay. PetroSA had eight board members and in Ma...
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