State seeks to overturn sale of strategic oil stocks

The high court in the Western Cape will  on Monday hear an application by the Strategic Fuel Fund (SSF) to overturn its decision to sell 10-million barrels of SA’s strategic crude oil reserve stock four years ago.

In a controversial transaction executed in secrecy in December 2015 and January 2016, the SFF sold, without any tender processes, the country's reserve crude for just under R5bn to nine companies, including multinational energy companies Vitol Energy SA, Venus Rays Trading and Taleveras Oil SA, the Sunday Times reported.