Court finds 2015 crude oil sale invalid

File: The oil market had begun 2020 on the front foot, with prices rising as simmering tensions in the crude-rich Middle East region threatened to disrupt valuable supplies. AFP/Paul Ratje

JOHANNESBURG - The sale of 10 million barrels of oil from the nation’s strategic fuel reserves in 2015 was invalid, according to a Western Cape High Court judgment.

The sale of South Africa’s Strategic Crude Oil Reserves has been subject to allegations of irregularities for years.  

READ: Fuel Fund, Glencore agree to reverse 2015 crude oil sale

The Central Energy Fund and the Strategic Fuel Fund Boards challenged their sale after identifying a series of illegally concluded agreements. 

All traders have now agreed the sale of the reserves was invalid.

The Strategic Fuel Fund is now putting measures in place to ensure there are consequences for employees implicated in the case.

Source
eNCA

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