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TimesLIVE reports that PetroSA has announced that it will likely shed about 500 jobs due to its “precarious” financial position.
In a letter addressed to Holland Chapman of trade union Solidarity, PetroSA CEO Pregasen Naidoo noted that the company had in recent years experienced depleted gas reserves and stated that: “PetroSA is in a precarious financial position which makes operational costs unaffordable. At the end of March 31 2021, the forecasted cash position is R1.9bn. Therefore the company will not be able to fulfil its financial obligations unless drastic measures are taken to turn around the precarious financial situation it finds itself in.” The company said it intended to engage the union about a possible staff reduction that would lead to the termination of employees’ services. “At this stage the anticipated proposed impact of the restructuring will cut across all levels and will affect approximately 500 employees,” Naidoo advised. He indicated that the company would notify employees whose services would be terminated by 31 March 2021. PetroSA employs 1,295 people on a permanent and a fixed-term contract basis.
- Read the full original of the report in the above regard by Nomahlubi Jordaan at TimesLIVE
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