State oil company Petro SA has posted a net profit of 1.4 billion rand

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 State oil company Petro SA has posted a net profit of R1.4b, a 54% increase year on year.

Turn-over was over R14.4b.

Petro SA says in the period under review, feedstock challenges resulted in the Mossel Bay Gas-To-Liquids Refinery operating at moderated rates.

However, PetroSA CEO, Nosizwe Nokwe-Macamo, says they've embarked on initiatives to sustain the refinery and these include the flagship Project Ikhwezi.

Ikwezi is an initiative to tap into off-shore gas reserves which will sustain the Mossel Bay refinery for at least an additional 6 years.

Macamo told a parliamentary committee today that the year ahead will be interesting for PetroSA.

"When we talk about Vision 2020 our first aim is to make sure we sustain the current plant that we have and for that we are doing Ekwezi, we are walking down the road where we are now starting to invest capitol on the projects that are going to sustain the company and grow it to that level of being a national oil company" Macamo said.