One person can’t be blamed for the sale of the 10 million barrels of oil

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A judgement has been handed down that ruled the 2015 sale of the 10 million barrels of oil from the state-run Central Energy Fund’s (CEF) strategic reserves as invalid. This comes after the state challenged the legality of the transaction that has been subject to allegations of irregularities.

The CEF welcomed the ruling saying the former Chief Executive of the CEF unit – the Strategic Fuel Fund Sibusiso Gamede unlawfully concluded deals. In 2015 crude oil consisting of 5 million barrels of Iraqi Basrah Light and another 5 million barrels of Nigerian Bonny Light was sold for $281 million (about R4.33 billion). According to analysts, this price was below the market value at the time. For more on this, we are joined by Energy Expert, Tshepo Kgadima…

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July 30, 2021
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