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SA court declares 2015 oil sale from national reserves invalid

Central Energy Fund and subsidiary are taking legal advice.
Image: Angus Mordant, Bloomberg

A South African High Court said on Friday the sale of 10 million barrels of oil in 2015 from the nation’s strategic reserves was invalid, after the government challenged the legality of the sale that has been subject to allegations of irregularities.

The state’s Central Energy Fund (CEF) and its subsidiary Strategic Fuel Fund said they were taking legal advice after the court ruled some traders, including Glencore, were entitled to what the CEF termed a “hedge loss award” worth hundreds of millions of dollars as a result of the sale.

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