PetroSA, the national oil company, is facing a liquidation from a disgruntled supplier over a R600m debt related to the supply of fuel — claiming the state-owned entity was commercially insolvent and unable to repay its debt.
Nako Energy has approached the courts, accusing PetroSA of reneging on previous promises to pay it the R600m it says is payable to it.
“The respondent is indebted to the applicant in terms of supply by the applicant to the respondent of petroleum products and the respondent having acknowledged in writing on May 19 2025 that it is indebted to the applicant in the amount of R605.5m,” an affidavit deposed by Nako CEO Nkosinathi Ngwenya reads.
“Notwithstanding such acknowledgment of liability, the respondent has…