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Business Times reports that the Central Energy Fund (CEF) sent communications to its subsidiary PetroSA in August warning it would withdraw financial support for key projects due to a lack of implementation progress.
This is believed to be one of the reasons PetroSA’s board placed CEO Xolile Sizani on suspension, pending an investigation. It is understood there were numerous clashes between the PetroSA board and Sizani during his eight-month stint over the matter and other issues, including his crafting of a new executive structure not approved by the board. Sources said the board was unhappy with what they considered gross underperformance by the CEO and had even delayed converting his probation period into a permanent appointment. Sizani’s suspension comes as PetroSA continues to struggle with a number of its operational goals. In an e-mail from Sizani addressed to an official of the CEF, he asks for more time to consult with the PetroSA board after the CEF warned in an earlier e-mail that the oil and gas company risked having financial support withdrawn due to “a lack of progress and seriousness on executive on the part of PetroSA”. PetroSA has about 12 projects that together require billions of rands, including the establishment of the Mossel Bay special economic zone, a biofuel development project and the reinstatement of the gas-to-liquid refinery in Mossel Bay. Of these, half did not have a finalised budget. Briefing parliament’s portfolio committee on Friday evening, CEF chair Ayanda Noah said investigations into the circumstances behind Sizani’s suspension were ongoing and the group would update the committee in due course.
- Read the full original of the report in the above regard by Khulekani Magubane at Business Times (subscriber access only)
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