Sale of South Africa’s strategic fuel stocks heads to court
The question of whether South Africa can access strategic fuel stocks sold way below market price in a controversial deal made in late 2015 will be answered by a court of law, Strategic Fuel Fund (SFF) acting chief executive Thabani Zulu said on Wednesday.
Speaking to journalists on the sidelines of a briefing by the Central Energy Fund, the state-owned parent company of the SFF, to Parliament’s portfolio committee on energy, Zulu said a legal report has been sent to court for confirmation.
“The matter is going through the legal process as per the legal report that has since been developed and consolidated with recommendations so that question will best be answered by the court response on the legal report that was completed by the legal team that was established by the then minister [of energy] and Minister [Mmamoloko] Kubayi continued to implement that,” he said.
“On the basis of the legal opinion there are [fuel]stocks but that has to be tested by the court”.
In May, Kubayi confirmed that part of the country’s strategic fuel reserves were sold off on her predecessor’s watch in late 2015 and said it was the subject of an investigation.
Tina Joemat-Pettersson, who was fired in a sweeping Cabinet reshuffle in March, had denied a sale, saying instead that it had been a rotation of stock of the Strategic Fuel Fund.
The sale caused an outcry, partly because the stock was disposed off at the low price of 29 US dollars a barrel.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation