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City Press reports that PetroSA this month began a process of laying off 15% of its employees in a bid to keep the struggling state oil company from going into business rescue.
Unions have raised objections because the company wants to get rid of engineers and other experts. PetroSA is facing mounting pressure after its record loss of R14.6 billion in 2015 as a result of the Ikhwezi gas project, while it is expecting a loss of R2.2 billion in the year to March 2017. A confidential audit report obtained by City Press’ sister newspaper, Rapport, shows that PetroSA now wants to cut its staff of 1,763 by as much as 15% to save 14% (R128.2 million) on its personnel costs. Separately, a recent confidential memorandum to management warned that there were fears of a potential “safety incident” because safety procedures were not up to standard, permanent positions were not being filled and because of the vulnerability and low morale of personnel. In the latest safety incident, two workers died in February while working on a vessel at the Mossel Bay refinery.
- Read this report by Johan Eybers in full at City Press
- Read too, PetroSA shrugs off loss, looks to turnaround, at BusinessLive
Get other news reports at the SA Labour News home page