Guptas’ Oakbay to export coal at higher price than it gets from Eskom
OAKBAY Investments, owned by the Gupta family, signed a contract to export power-plant coal at a premium to the price it gets from Eskom, CEO Nazeem Howa said on Thursday."We signed our first export contract this week," Howa said on a conference call Thursday. "The value of the export contract came in at close to R150 a tonne more than the highest price we’re getting from Eskom," he said.The deal comes as the Treasury investigates Eskom’s coal contracts and suppliers including Tegeta Exploration & Resources, part-owned by the Guptas, who are friends with President Jacob Zuma and are in business with his son. Some ANC officials have accused the family of trying to influence Cabinet appointments.READ THIS: Oakbay Investments’ ‘maiden results’ emphasise distance from governmentCommodities trader Vitol Group is interested in buying a stake in Richards Bay Coal Terminal from Tegeta, a person with knowledge of the matter said last week. Purchasing the interest in Africa’s biggest coal-exp...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.