The government’s Strategic Fuel Fund (SFF) and global commodities giant Glencore have reached an out-of-court settlement over the dubious sale of SA’s oil reserves, in which the company will be refunded and the state will regain ownership of the oil.

The SFF, a subsidiary of the Central Energy Fund (CEF), a state-owned entity mandated to contribute to SA’s energy security, reached an “in-principle agreement” in which Glencore, which is headed by SA-born Ivan Glasenberg, recognised that a deal to acquire 3-million barrels of SA’s strategic oil reserves was invalid.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now