New Energy Minister to probe unauthorised sale of strategic fuel stock

New Energy Minister Mmamoloko Kubayi says an investigation will be launched into the unapproved sale of South Africa's strategic fuel stock last year.

The sale contradicted claims by former energy minister Tina Joemat-Pettersson that the disposal strategic oil reserves was merely rotation of stock.

Kubayi has succonded the department's director general (DG), Thabane Zulu, to act as CEO at the Strategic Fuel Fund (SFF).

She maintains that the move is within her legal powers and does not form any conflict of interest.

According to Kubayi, Zulu will ensure that disciplinary processes are followed at the SFF.

She explains how processes were flouted in the transaction.

In terms of the report, there definitely wasn't concurrency with Treasury.

Mmamoloko Kubayi, Minister of Energy

There is a breach, in terms of Public Finance Management Act (PFMA) law.

Mmamoloko Kubayi, Minister of Energy

Read: Energy Minister says gov must be more transparent on nuclear plans

The minister [was meant] to request the Treasury concur before... The letter was meant to be sent to the minister of Finance.

Mmamoloko Kubayi, Minister of Energy

She says her legal team will explore the department's options and investigate whether the sale contract can be nullified.

Kubayi reflected on the challenges facing the department, the turnaround strategy for oil company PetroSA and fresh plans for the nuclear build programme, after delivering the budget vote on Friday.

She spoke about the future of PetroSA, in light of mismanagement allegations at executive and board level.

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