PetroSA board suspends Xolile Sizani, appoints new CEO

PetroSA has suspended its CEO, Xolile Sizani, eight months after his appointment, pending an investigation.

The embattled state-owned entity (SOE) made the announcement on Thursday.

PetroSA did not provide any reasons for Sizani’s suspension or details regarding the nature of the investigation.

New CEO  

Sizani was appointed in February this year, a year and a half after former CEO Pragasen Naidoo parted ways with the company.

“PetroSA has appointed Mr Mmete Fusi as the acting group chief executive officer effective immediately. Mr Fusi has vast leadership experience and knowledge of the continent’s minerals resources, oil and gas, ports and railways infrastructure.

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“We request all employees to offer their full support to Mr Fusi as he leads the company through this critical period, focusing on initiatives aimed at turning the business around,” PetroSA said. 

Biography

Fusi is the former CEO of Transnet International Holdings.

According to the Department of Minerals Resources and Energy, before joining Transnet in 2008, Fusi spent more than 18 years working as a process engineer and a mineral economist in South Africa.

He was involved in a number of mineral policy formulation and strategies for South Africa and SADC.

Fusi holds a BSc in Chemical Engineering, an MBA, and a Harvard Executive Programme on Financing Infrastructure in a Market Economy.

Russian deal

Meanwhile, earlier this year, PetroSA’s deal with Russia’s Gazrpom Bank to refurbish its gas-to-liquids refinery in Mossel Bay moved into the feasibility stage, according to the state-owned oil company.

The project moved forward despite wide criticism and is now big news in Russia.

Civil organisation Outa voiced its alarm at cabinet’s decision to endorse a R3.7 billion investment deal between PetroSA and the Russian-owned financier Gazprombank to resuscitate its gas-to-liquid fuel refinery in Mossel Bay as it seemed to be taken in haste and lacking sufficient transparency, clarity and rationality.

PetroSA closed its gas-to-liquid fuel refinery in 2020 after it ran out of feedstock. The refinery can produce 46 000 barrels of fuel per day, according to Outa.

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