A lengthier recession awaits if we don't take drastic measures to save the economy in a Covid-19 world, writes Mbhazima Shilowa.
The probe concerns the sale of 10.3 million barrels of oil by the Strategic Fuel Fund in late 2015 when global oil prices were at a historic low.
The Central Energy Fund's board wants a court to declare an illegal sale of SA's strategic oil reserves void, and plans to launch a full-scale probe into the Strategic Fuel Fund and PetroSA, a source told Fin24.
Energy Minister Mmamoloko Kubayi has told Parliament she did "nothing illegal" in making Thabane Zulu the Strategic Fuel Fund's acting CEO, after MPs questioned the appointment.
The Central Energy Fund board chairperson says the fund is still calculating how much SA lost when 10.3 million barrels from its strategic fuel reserve were sold off in 2015.
Energy Minister Mmamoloko Kubayi says her department's probe into the Strategic Fuel Fund's attempts to buy assets in the country from Chevron is heading for criminal action.
Political parties have again lambasted the "secret" sale of South Africa's strategic fuel stocks and insist on answers from new Energy Minister Mmamoloko Kubayi about the deal.
The Central Energy Fund, which is responsible for overseeing PetroSA and the Strategic Fuel Fund, will pay more than R41m in bonuses to its staff this financial year.
ALEC HOGG EXCLUSIVE: Those who engineered the sale of SA’s Strategic Fuel Fund on the conditions reported did it to enrich themselves.
Energy Minister Tina Joemat-Peterson will investigate why the Strategic Fuel Fund has expressed interest in buying Chevron’s assets without her consent, says her department.
Investigations into the disposal of strategic crude oil stock in December 2015 are expected to draw to a close soon, members of Parliament heard.
Energy Minister Mmamoloko Kubayi has confirmed that the country's strategic fuel reserves - controversially sold off in late 2015 - are still stored in South African tanks.
The Strategic Fuel Fund’s controversy-plagued sale of 10 million barrels of the country's strategic fuel reserves in late 2015 has muddied the waters around who the fuel now belongs to.
Energy Minister Mmamoloko Kubayi has denied that she had suspended the Central Energy Fund's board members.
The sale of SA’s strategic fuel stock has prompted Energy Minister Mmamoloko Kubayi to second her director-general to act as CEO at the Strategic Fuel Fund.
An oil trader group is suing Cerberus Capital Management, alleging the firm is refusing to pay its share of costs incurred when they made a failed R8.8bn bid for Chevron in SA.
The Central Energy Fund is being trounced by Parliament over its failure to recognise the gravity of the controversial sale of 10 million barrels of SA’s crude oil reserves.
The Strategic Fuel Fund's chairperson and acting chief executive have stepped down, following the fund's unauthorised bid to buy Chevron's assets.
The Department of Energy says the Strategic Fuel Fund has not been cleared to make an offer to buy 75% of Chevron's refinery and other downstream assets.
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