THE board of the Richards Bay Coal Terminal (RBCT) was "following due process" in the application by Oakbay Investments to sell Optimum’s export entitlement of 8-million tonnes a year through the port to Vitol, RBCT corporate affairs manager Nontuthuko Mgabhi said on Tuesday.When Oakbay Investments, the diversified business owned by the politically connected Gupta family, bought Optimum coal mine out of business rescue earlier in 2016, it also acquired the mine’s export entitlement. Unconfirmed reports suggest this is being sold to Vitol.At a media briefing on September 8, Oakbay Investments CEO Nazeem Howa said: "There is no sale of the RBCT entitlement at this stage but that might change in the future."A Vitol spokesman declined to comment on Tuesday.RBCT requires its shareholders to be coal producers.Vitol, an international energy commodities trader with refineries and terminals, has no coal mines in SA, although it has agreements with Coal of Africa and Ikwezi Coal.RBCT is a pri...
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.