PetroSA's plush deal𝗧𝗵𝗶𝘀 𝘀𝘁𝗼𝗿𝘆 𝗼𝗿𝗶𝗴𝗶𝗻𝗮𝗹𝗹𝘆 𝗮𝗶𝗿𝗲𝗱 𝗼𝗻 𝟮𝟱 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟬𝟮𝟰.
PetroSA, South Africa’s state-owned oil and gas company, has successfully hidden most of its bad investments over the years. By 2020, poor decisions at the secretive company had wasted billions and almost closed it down. But it was given a lifeline when Mineral Resources and Energy Minister, Gwede Mantashe - determined to save PetroSA - insisted Eskom buy its diesel from the parastatal. Now, it’s on a new drive to partner with private business. A recent contract with the Russian Gazprom Bank has caused a stir, but a far larger deal (signed in secret) will make a controversial businessman a major player in the oil and gas industry. We lift the lid on this new profit-sharing deal in the oil and gas fields off the Southern Cape Coast.
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