South Africa’s state oil company PetroSA said on Friday it had terminated its CEO’s contract, reported Reuters.

Nosizwe Nokwe-Macamo, alongside two other executives, were placed on special leave to allow an investigation into their performance.

PetroSA added in a statement that it had reached an agreement with Nokwe-Macamo, but the terms were confidential.

“I am not in a position to say anything beside what is stated in the press release,” spokesman Thabo Mabaso said.

According to Oil and Gas Investigator the investigation was triggered by the noticeable drop in PetroSA revenues, which operates the world’s third-largest gas-to-liquid refinery at Mossel Bay.

The company had also failed in its bid to enter the fuel retail market, even reporting a loss of $87 m in its 2013/14 financial year.

PetroSA also sells petrochemical products to South Africa’s major oil companies and exports to international markets.

Previously it had announced that it would reduce its workforce by about 40%, supposedly in an effort to cut costs.