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Vol 57 No 23

Published 18th November 2016

South Africa

Fuel fund fracas

Energy Minister Tina Joemat-Pettersson faces renewed questions about the unauthorised sale of South Africa's strategic fuel reserve. Last December, 10 million barrels of oil were sold at a loss to the state of over 1.5 billion rand (US$100 million) to three commodity trading companies. Fresh details have emerged about the deal, which was backed by Joemat-Pettersson and Sibusiso Gamede, head of the Strategic Fuel Fund, who failed to get the required legal approval from the Finance Minister. The deal was concluded in mid-December, just after President Jacob Zuma had sacked Nhlanhla Nene from the Finance portfolio and tried to appoint his ally, Des van Rooyen instead.

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