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South Africa: PetroSA loss widens

State oil company PetroSA on 4 October announced a loss of R1.4bn ($103m) for 2016-17, compared to a R449m loss in the previous financial year and a record loss of R14.6bn for 2014-15. The company said a shortage of domestic gas feedstock and operating problems at the Mossel Bay gas-to-liquids (GTL) plant had resulted in revenue falling 34% since 2015-16. The GTL plant and purchased product sales were 16% and 46% below forecast, while the Ghana subsidiary’s performance was hit by lower-than-average crude prices, as well as problems with the Jubilee production vessel.

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