'10 million barrels of oil sold off in secret is heist of the democratic era'

Tuesday's front page of the Business Day reports that Energy Minister, Mmamoloko Kubayi has suspended the directors of the Central Energy Fund and has told the fund to explain what happened when the strategic oil fund was sold off.

Over ten million barrels of oil from the fund were sold off in secret as the oil price was at record lows in December 2015 which meant that the people who bought the oil then made a huge profit.

Carol Paton, Business Day deputy editor tells the Midday Reports, Stephen Grootes that since their story was published, Kubayi declined public comment on the matter and later her office said she has given the board an extension.

What I think was the heist of the democratic era was these ten million barrels being sold off without anyone's knowledge, now being regarded as a scandal.

Carol Paton, Deputy Editor at Business Day

Paton says then energy minister, Tina Joemat-Pettersson was approached by the Strategic Fuel Fund Association (SFF) and at the time called it a rotation.

In other words, they were saying we need to get fresh stock, but oil doesn't deteriorate which was a strange rationale.

Carol Paton, Deputy Editor at Business Day

Paton goes on to say that Joemat-Pettersson is on record to having received all the letters from the SFF.

We have tried on numerous occasions to determine her role in this but she hasn't decided to speak says Paton.

Paton explains the buyers would have been the biggest beneficiaries to the oil sales.

Listen here:


This article first appeared on 702 : '10 million barrels of oil sold off in secret is heist of the democratic era'


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Wits Nehawu members down tools over salaries

Wits Nehawu members down tools over salaries

Nehawu Wits acting secretary Tumisho Madihlaba says negotiations with management deadlocked resulting in a strike.

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

Former Eskom interim CEO Sean Maritz under fire for signing off R400 mil payment

‘Documents show that the fee contract was entered into by Anoj Singh & signed off by the acting CEO Sean Maritz' - Chris Yelland

‘Qedani Mahlangu helped people die then she ran away’ – Stephen Grootes

‘Qedani Mahlangu helped people die then she ran away’ – Stephen Grootes

Stephan Grootes shares his views on the events that unfolded at Life Esidimini and comments on Qedani Mahlangu’s apology.

New Energy Minister to probe unauthorised sale of strategic fuel stock

New Energy Minister to probe unauthorised sale of strategic fuel stock

Minister Mmamoloko Kubayi spoke about the sale of SA's strategic fuel stock without the sign off from National Treasury, and more.

May the Fourth be with you, a celebration of Star Wars Day

May the Fourth be with you, a celebration of Star Wars Day

May 4 marks "May the Fourth be with you," Day celebrated by fans George Lucas' fans of his Star Wars global movie franchise.

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

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

The custodian of SA’s strategic fuel stocks wants to buy 845 Caltex petrol stations, a refinery and a lubricants factory.

Popular articles
Parents no longer have to travel with children's birth certificates

Parents no longer have to travel with children's birth certificates

The new Home Affairs upgrades to the system include printing parents details at the back of the child's passport.

SA-made Rolkem cake decoration products may not be safe to eat

SA-made Rolkem cake decoration products may not be safe to eat

The UK’s Food Standards Agency issued an advisory, claiming that Rolkem failed to confirm that their ingredients were safe to eat.

KFC South Africa’s Neymar mocking ad… so epic, Nando’s would be proud!

KFC South Africa’s Neymar mocking ad… so epic, Nando’s would be proud!

The South African ad is still trending around the world. Bruce Whitfield interviews branding and advertising expert Andy Rice.

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Madiba’s private secretary Zelda la Grange opens up about money (hers and his)

Bruce Whitfield interviews La Grange about her and Madiba's attitude to money (hopes and fears, successes and failures, etc.)

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.