The Portfolio Committee on Energy has welcomed the resignation of the interim PetroSA chairperson, Nonhlanhla Jiyane.
“PetroSA is facing serious corporate, financial and governance issues. We therefore welcome the resignation of the chairwoman,” said Fikile Majola, Chairperson of the Committee. He added, “As the Committee, we are still of the view that the entire Board needs to resign and be reconstituted in order to rescue the state oil company. We urge the Minister of Energy to take urgent action to save PetroSA. The entity has a turnaround strategy which needs to be implemented so as to overhaul the current situation that PetroSA is faced with.”
Last month, the Committee had a meeting with PetroSA wherein the Committee expressed its concerns that the entity was on the verge of collapse. In the engagement with the entity, the Committee expressed its view that it had lost confidence in the entire Board of the parastatal.
The Business Day reported that Jiyane had stepped down following a clash with members of the board. It's understood that PetroSA is about to report it's made a loss of around R14bn for the current financial year. Jiyane's resignation comes after the board suspended two senior executives at the company. This means that the board currently doesn't have a quorum to take decisions.