PetroSA faces liquidation bid over supplier debt
PetroSA is facing liquidation over a R600m debt as a disgruntled supplier claims the national oil company is commercially insolvent and unable to repay its debt.
Business Day reports that Nako Energy has approached the courts, accusing PetroSA of reneging on promises to pay it the R600m it says is payable.
‘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 failed to make payment to the applicant in respect of such acknowledged liability and in respect of its overall liability to the applicant in respect of the petroleum products sold and delivered by the applicant to the respondent. The respondent has received the petroleum products sold by the applicant to it. There is simply no reason why the applicant is not entitled to receive payment from the respondent.’
Nako in its court papers insists that to date PetroSA has not furnished it with reasons why it has not paid up, leaving it to conclude that the entity might be commercially insolvent.
Ngwenya has accused PetroSA of using ‘warlike tactics’ to sabotage black-owned businesses PetroSA did not respond to requests to comment.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
