(2 minutes read)
· The state-owned Strategic Fuel Fund that manages South Africa’s strategic crude oil stockpile, has appointed Nelisiwe
agubane as its new chairperson
· Magubane will oversee the fund’s litigation regarding the controversial sale of SA’s strategic oil stocks in late 2015
The state-owned Strategic Fuel Fund that manages South Africa’s strategic crude oil stockpile, has appointed Nelisiwe Magubane as its
new chairperson . The appointment comes with immediate effect.
Dr Monde Mnyande, who is the chairperson of the Central Energy Fund, was the interim chairperson of the Fund from whom Nelisiwe Magubane
has taken over the mantle. Magubane was the director general for the Department of Energy between 2009 and 2014. Magubane will oversee the fund’s litigation regarding the controversial sale of SA’s strategic oil stocks in late 2015.
The investigation was surrounding the sale of 10.3 million barrels of the country’s strategic oil reserves – at a price of around US$28 per barrel when the price of Brent crude oil was ruling at US$37-US$44 per barrel . The investigation was completed last year. In March 2016, shortly after the sale took place, the then-energy minister Tina Joemat-Pettersson claimed that the fuel had not been sold, but only rotated. Later in 2017 her successor, former minister of energy Mmamoloko Kubayi, admitted the stock was sold off.
