PetroSA in South Africa may lose R1.4 billion over Nako Energy deal — Daily Maverick
South African state fuel company PetroSA is considering an application for its provisional liquidation. According to a memo that Daily Maverick describes as likely prepared by acting CEO Nombulelo Tiandela, Nako Energy filed the relevant application with the Western Cape Division of the High Court on September 11. A PetroSA spokesperson confirmed that the company is considering the application and receiving legal advice.
As Daily Maverick reports, the dispute arose over mutual debts for shipments of petrol and diesel fuel. In May 2025, PetroSA owed Nako R605 million for petrol delivered in June 2024, while Nako owed PetroSA R832 million for diesel. After netting the debts, PetroSA would have had an advantage of R227 million.
New agreement and acknowledgement of debt
Instead of offsetting the debts, the companies concluded a new agreement. PetroSA agreed to buy another 11 shipments of unleaded petrol from Nako at the base fuel cost minus 45 cents per litre. The company expected to sell 505 million litres of fuel and receive a margin of R227 million, which was meant to compensate for Nako's debt.
At the same time, PetroSA signed an acknowledgement of debt to Nako for R605 million. Nako then assigned the rights under the document to its creditors, who demanded payment for the same fuel shipment. According to the publication's estimate, PetroSA could lose up to R1.4 billion as a result of these arrangements.
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Problems with petrol sales
The petrol for which PetroSA owed Nako contained high concentrations of N-methylaniline, an additive that raises the octane rating. An internal PetroSA review found that the fuel reacted with the paint coating of some cars and motorcycles. A representative of the South African Petroleum Industry Association said that analyses by Sasol and Astron Energy detected more than 6% N-methylaniline in the product, compared with a recommended level of about 1.2%.
Due to sales problems, more than half of the 50-million-litre petrol shipment delivered by the tanker Daytona was still stored in PetroSA tanks in Mossel Bay a year after delivery. Between April and August 2025, the company sold only 16 million litres of fuel, although the new agreement envisaged sales of 50 million litres each month.
PetroSA did not respond to journalists' detailed questions, while Nako Energy provided no comments in response to the publication's inquiries.
