Anatomy of an oil heist
The 2016 sale of SA’s strategic oil reserves is back in the spotlight, with the Strategic Fuel Fund having launched a civil action against the buyers. But details of how the deal went down remain murky
It was more than four years ago that some disturbing goings-on emerged at the Strategic Fuel Fund (SFF), a state-owned entity mandated to protect SA’s energy security.
The gist of the story is well known by now: the fund irregularly sold 10-million barrels of oil — virtually all of SA’s emergency reserves — under the guise of "rotating" it. The sale was concluded at a price well below the Brent crude benchmark at the time.