New Energy Minister Mmamoloko Kubayi says she’s worried about what’s happening at the state-owned PetroSA.
The Minister – who labelled PetroSA a “problem child” – is particularly concerned about the Ikhwezi Project in Mossel Bay.
It contributed to losses of R14.5 billion during the 2014/15 financial year.
She also queried the payment of executive bonuses totalling R17.3 million.
Kubayi says there were “glaring governance problems” related to the 2015 sale of South Africa’s crude oil reserves when prices were at an eight-year low.
The Money Show's Bruce Whitfield asked EE Publishers MD Chris Yelland and Robert Jeffrey, Senior Economist at Econometrix, for comment.
Yelland and Jeffrey also discussed nuclear, disagreeing with each other quite fundamentally.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
Baseload coal and nuclear is necessary… we cannot afford to postpone for many years as some are saying…— Robert Jeffrey, Econometrix
We need reliable electricity at a reasonable price.— Robert Jeffrey, Econometrix
It’s too early to say [if there’s a breath of fresh air at the Department of Energy]… The minister is just repeating the requirements of the law.— Chris Yelland, EE Publishers
We’ve got a surplus [of electricity] at the moment…— Chris Yelland, EE Publishers
We need baseload power that can be built in a flexible manner.— Chris Yelland, EE Publishers
New coal is really out of the question… We need to allow coal stations to die a natural death.— Chris Yelland, EE Publishers
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Recommendedby THE NEWSROOM
The Money Show’s Bruce Whitfield interviews Wits economic researcher Gilad Isaacs.
The Money Show’s Bruce Whitfield interviews Anglo American CEO Mark Cutifani.
The Money Show’s Bruce Whitfield interviews Woolworths CEO Ian Moir.
The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.
The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.
The Money Show’s Bruce Whitfield interviews Investec Asset Management Economist Nazmeera Moola.
National Institute for Communicable Diseases says all cases traced back to the same bacterial strain and source needs to be found.
UCT planning expert raises concerns over bidder's proposed plans for Foreshore development.
The British gov issued a travel advisory‚ warning of possible attacks when traveling to SA, after a UK couple was kidnapped.
E Cape Saps says they are investigating the murder of five police officers and one retired soldier at Ngcobo Police Station.
Warren Ingram discusses his new book in which he shares practical ways for ordinary people to achieve financial freedom.