A firm of attorneys is reviewing all the contracts entered into by Central Energy Fund companies since 2014, interim CEF chairwoman Lindiwe Mthunzi said on Tuesday. She expected an interim report to be submitted in the second week of December, members of Parliament’s energy committee were told in a briefing on the group. The state-owned CEF is the parent company of PetroSA, which operates the gas-to-liquid fuel refinery in Mossel Bay as well as the Strategic Fuel Fund (SFF), which manages the country’s strategic oil stock. Both companies have been troubled: PetroSA by the failure of its Ikhwezi oil drilling project, which led to an impairment of R14.5bn; while the SFF sold off the strategic oil stockpile.
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