CAPE TOWN – The cash-strapped Central Energy Fund (CEF) on Tuesday warned that its PetroSA plant would run out of gas reserves next year.
The organisation said in a presentation to Parliament’s Portfolio Committee on Mineral Resources and Energy that its biggest subsidiary, the oil and gas refining unit of PetroSA’s flagship Mossel Bay gas-to-liquid refinery, had gas reserves until next year.
It said PetroSA was losing market share and was in a precarious financial position.
Auditor-general Kimi Makwetu previously expressed concern about PetroSA’s ability to remain a going concern after it reported a net loss of R382.3 million for the 2017/18 financial year.
On Tuesday, the CEF failed to present its turnaround strategy to parliament again, six months after it was required to do so.