Fuel Fund, Glencore agree to reverse 2015 crude oil sale

It's been five years since 10 million barrels of the country's oil reserves were illegally sold below market value but now the end to the saga might finally be in sight. Courtesy of #DStv403

CAPE TOWN - The Strategic Fuel Fund (SFF) and Glencore have reached a decision to reverse the 2015 sale of South Africa's crude oil sales.

Glencore, which bought three million barrels of oil, agreed that the sale was invalid.

READ: UK bribery investigation adds to Glencore's legal headaches

The SFF will repay Glencore for the monies it originally paid.

Thursday was the final day of arguments in the case in the Western Cape High Court.

The SFF argued that its former Chief Executive Sibusiso Gamede finalised a series of agreements that led to the invalid sale of ten million barrels of South Africa's Strategic Crude oil reserves.

READ: Glencore shares tumble on US corruption probe

SFF said in a statement that it is committed to "taking the necessary actions to ensure that the ownership of the reserves and the development of the energy sector remains in the hands of the country for the benefit of South Africans".
 
Judgment in the matter has been reserved. 

Source
eNCA