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.

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