PetroSA has suspended its top three executives amidst declining revenues.
According to reports, South Africa’s state oil company has also made the move as a result of poor investments and a failed bid to enter the fuel retail market.
PetroSA has reported a loss of $99.7million in its 2013/14 financial year.
It has also had to devalue its production and exploration assets.
Chief executive Nosizwe Nokwe-Macamo, finance boss Lindiwe Mthimunye-Bakoro and acting vice-president of upstream operations Andrew Dippenaar will be placed on “gardening leave”.
PetroSA operates the world’s third-largest gas-to-liquid refinery at Mossel Bay, which sells petrochemical products to South Africa’s oil companies.