State-owned fuel company PetroSA says it plans to oppose an attempt to wind it down amid a bitter spat with a fuel trader. PetroSA is facing a liquidation application over a R600 million debt that energy company Nako Energy claims the oil company is refusing to cover.
According to initial reports by investigative outfit, Amabhungane, PetroSA owed Nako R605 million for a cargo of petrol it bought in June 2024, but had struggled to sell because it was tainted with a problematic chemical additive.
Nako, in turn, owed PetroSA R832 million for a cargo of diesel it had bought and never paid for.
This means the settlement should have been in favour of PetroSA, with Nako Energy owing it the difference of more…