Strategic Fuel Fund offer to buy Chevron SA assets is illegal, says Minister

The whole offer is very strange.

Carol Paton, Business Day

The Strategic Fuel Fund (SFF) - Government’s keeper of strategic fuel stocks - on Wednesday announced that it has offered to buy Chevron South Africa’s assets.

These assets include 845 Caltex petrol stations, its refinery in Cape Town and its Durban lubricants factory.

On Thursday Energy Minister Tina Joemat-Pettersson said the SFF didn’t consult her regarding its resolution to bid for Chevron South Africa’s assets.

According to Joemat-Pettersson, this is a major governance breach and illegal.

The Money Show’s Bruce Whitfield interviewed famed Business Day journalist Carol Paten.

Scroll down for quotes from the audio below.

Perhaps they think that by being bold and audacious they’ll force the hand of the Minister.

Carol Paton, Business Day

In December they sold oil stocks without permission and nothing happened!

Carol Paton, Business Day

These are complex businesses. You need the discipline of shareholders and competition to keep on the straight and narrow.

Carol Paton, Business Day

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This article first appeared on 702 : Strategic Fuel Fund offer to buy Chevron SA assets is illegal, says Minister


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