Bleeding at South Africa’s State-owned oil company continues, MPs told

State-owned oil company PetroSA is set to suffer a projected devaluation of assets of R1.1-billion this financial year in addition to the R14.5-billion impairment it suffered in the 2014/15 financial year, MPs heard on Tuesday. Briefing parliament’s portfolio committee on energy, PetroSA board members and acting executives gave MPs an inside look into several investigations into the R14.5-billion resulting from mostly the failed Project Ikwezi which brought in much less gas than anticipated after the company spent-billions on infrastructure.