LETTER: SA may lose strategic oil reserves
Gwede Mantashe has to intervene in court case to avert crude disaster
A Cape Town high court case set for Friday is a key move in a chess game that will decide the fate of SA’s strategic crude oil reserves worth more than R9.38bn. Outa calls on mineral resources minister Gwede Mantashe to urgently intervene.
From December 2015 to January 2016 SA’s strategic oil reserves were sold illegally at a ridiculously low price to several companies with blatant disregard for any required approval of the boards of the Central Energy Fund (CEF) or Strategic Fuel Fund (SFF), and without notifying the finance minister, which is a statutory requirement. This unlawful transaction has placed SA at risk as the country could find itself in a dire situation if faced with unforeseen emergencies. ..
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