PetroSA parts ways with CEO
State-owned oil company PetroSA has parted ways with its CEO only two years into his contract under circumstances the company says it will not disclose.
Pragasen Naidoo, a chemical engineer and a former group chief of operations at Petrosa's holding company, the Central Energy Fund, was appointed in January 2020. He was the first permanent CEO since 2014.
Naidoo had three years left on his contract and is believed to have received a large settlement from the company. The chairman of the board of Petrosa Nkululeko Poya said he would not comment on the matter as it was between the employer and an employee. Naidoo also declined to comment.
Naidoo's departure follows the resignation of the board that appointed him. The board, headed by Frans Baleni, a former director of the Development Bank of Southern Africa (DBSA), served for only a year until asked by the CEF to resign because the holding company had plans to restructure the group. CEF then appointed some of its own directors, including Poya, to serve on the Petrosa board.
Petrosa is technically insolvent and has made large losses for several consecutive years. However, it has continued as a going concern in the faith that its turnaround strategy would bear fruit. Over the past year, it has retrenched about 400 staff, mostly on a voluntary basis.
Comments
Research Reports
Projects
Latest Multimedia
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
