South Africa - 02

South Africa: PetroSA’s Financial Report Increases Scrutiny

PetroSA’s 2015-16 financial statements lodged before parliament on 23 September highlight its dire financial position. With the feedstock reserves for its Mossel Bay gas-to-liquid (GTL) refinery depleting, the company’s financial sustainability is coming under increasing scrutiny. PetroSA’s directors believe that the company will continue as a going concern, but this will likely require further state support. The Auditor-General’s report on the company’s financial statements reflects some worrying signs of weak financial management.

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