In a groundbreaking Carte Blanche exposé, the troubled state-owned company PetroSA’s tumultuous journey unfolds, revealing a saga of financial mismanagement, corruption, and questionable dealings. The once-thriving PetroSA, known for producing diesel and fuels from gas at its Mossel Bay refinery, hit a breaking point in 2020 when it ran out of both gas and money.
The expose details PetroSA’s downfall, attributed to two decades of woeful investments, governance scandals, and depravity that left the company bankrupt. Despite facing financial ruin, Minerals and Energy Minister Gwede Mantashe has refused to let PetroSA fail, unveiling ambitious plans for its revival as a new petroleum company with sole shareholding vested in his office.
Inside PetroSA’s boardroom, turmoil ensues as the chairman reportedly eyes the CEO position, despite facing a string of misconduct findings. As Carte Blanche investigates, revelations of questionable tender processes emerge, portraying an institution shrouded in secrecy that not even parliament can penetrate.
The heart of PetroSA’s operations, its Mossel Bay refinery, once fed by an undersea pipeline from Deep Sea WS, now stands idle since the gas ran out. PetroSA’s shift from a fuel manufacturer to an importer has raised concerns, especially as the company acts as a middleman, procuring diesel on the open market and selling it to Eskom at retail pricing.
As the exposé unfolds, the article delves into the controversial diesel contracts, kept confidential by Minister Mantashe, leaving citizens and parliament in the dark about who benefits from these multi-million Rand deals. The report raises questions about transparency and accountability in PetroSA’s operations.
The exposé highlights the impact on local communities, such as Guwa, where residents express frustration over PetroSA’s failure to benefit them economically. Activists like Liz McDade draw parallels to South Africa’s previous dealings with Russia, expressing concerns about the secrecy surrounding the gas deal with Gazprom Bank, a subsidiary of the Russian gas giant.
The article scrutinizes Minister Mantashe’s plans to revive PetroSA through a partnership, potentially with Gazprom Bank, and the implications of aligning with a country of minimal economic value to South Africa. It questions whether importing Russian gas is in the nation’s best interest and explores the challenges posed by natural gas discovery off the southern coast.
As PetroSA navigates a complex path to revival, questions arise about the transparency of the process and the potential for State Capture 2.0. The exposé concludes with a call for accountability and transparency in PetroSA’s dealings, as the company embarks on a journey to reshape its future amid a cloud of controversy.