Companies & Finance

PetroSA appoints interim board amid turmoil

South African state-owned oil company PetroSA has appointed a new interim board following the resignations of six board members last month.
By Staff reporter 6 July 2017 0 26656

South African state-owned oil company PetroSA has appointed a new interim board following the resignations of six board members last month, according to an emailed statement from the company.

The two board members who did not resign, Owen Tobias and William Steenkamp, have now also been removed by PetroSA’s holding company, the Central Energy Fund.

The company has suffered significant losses in recent years, partly because of massive cost overruns on the Ikhwezi gas well.

Around $1.3 billion was spent on developing the well but the gas reserves...