Strategic Fuel Fund to start hearings into unauthorised crude oil sale

File: Oil demand quickly recovered part of the lost ground from April when much of the world was in lockdown to slow the spread of the virus.

Reuters/Brendan McDermid

JOHANNESBURG - The Strategic Fuel Fund begin hearings into the unauthorised sale of South Africa’s crude oil reserves on Monday.

The sale of 10.3-million barrels happened between December 2015 and March 2016.

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This was during Tina Joemat-Petersen’s tenure as energy minister, who at the time, denied the sale.

She told Parliament that it was instead a strategic rotation of oil resources.

The Strategic Fuel Fund commissioned a forensic report, while the Hawks also probed the matter.