Be it the South African Broadcasting Corporation, South African Airways or Eskom, State-owned companies are never far from controversy or conflict. Having remained somewhat out of sight in recent years, the Strategic Fuel Fund has been the latest headline grabber. Firstly, it surprised many by “rotating” ten-million barrels of crude at the bottom of the oil cycle. Then, it went on to shock even the Minister to whom it reports by making an unauthorised bid for the downstream assets of Chevron. What should we expect next?