PetroSA to fight R605m liquidation attempt by Nako Energy
2 min readState-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 than R200 million.
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But the junior fuel trader, based in Johannesburg, allegedly offered Petro SA a new deal that put the state firm on the back foot and left it now indebted to Nako Energy.
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In a two-page statement on Thursday, PetroSA confirmed receiving the liquidation application against it and said it will oppose the application.
“The company has a substantive defence to the claim and will place its position fully before the court in accordance with the legal process,” the national oil company said.
The company’s board has downplayed concerns of an “imminent” liquidation and moved to assure its employees and business partners that it remains operational.
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“As the matter is before the courts, PetroSA will respect the sub judice principle and will not comment publicly on the merits of the dispute while the legal process is underway.
“PetroSA is also aware of social media content circulating in relation to historical allegations concerning the company. These matters are not new and continue to be addressed through the appropriate governance and organisational processes.”
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