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Central Energy Fund applies to invalidate oil sale to Glencore, Vitol

The CEF’s Strategic Fuel Fund sold 10 million barrels of oil reserves in 2015.
Picture: Shutterstock

South Africa’s state-owned Central Energy Fund has applied to invalidate 2015 contracts for the sale of crude oil to Taleveras Group and joint ventures led by Vitol Group and Glencore.

The sale of 10 million barrels of oil reserves by the CEF’s Strategic Fuel Fund when prices languished near an eight-year low was probed by the Energy Department. The CEF filed a founding affidavit on March 12 to declare the contracts invalid, spokesman Jacky Mashapu said in a text message. He declined to comment further. 

The Strategic Fuel Fund had previously described the transaction as a rotation of stocks, and in October Taleveras said the fund should have used the proceeds of the sale to buy fresh reserves.

Glencore declined to comment. Vitol and Taleveras didn’t immediately respond to emails seeking comment.

© 2018 Bloomberg

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“Corruption happens when the public and private sectors collude to defraud the taxpayers” – New York.

Amazing that this kind of huge deal involving Rbillions of taxpayers money just “happened” without any official knowing anything about it.Especially in Africa.

It’s called corruption and incompetence. The two stand out characteristics of the last twenty years.

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