Fuel Fund, Glencore have agreed to reverse 2015 crude oil sale

Glencore - Fuel Fund, Glencore have agreed to reverse 2015 crude oil sale

The Strategic Gas Fund (SFF) and Glencore have each determined to reverse the 2015 sale of South Africa’s crude oil gross sales.

Glencore, who bought three million barrels of oil, agreed the sale was not legitimate.

The SFF will make a reimbursement to Glencore for the monies it initially paid.

Thursday was the climax day of arguments within the case within the Western Cape Excessive Court docket.

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The SFF made an argument that its former Chief Government – Sibusiso Gamede made ultimate sequence of agreements that resulted to the invalid sale of ten million barrels of South Africa’s Strategic Crude oil reserves.

SFF talked about in an announcement that it has taken dedication to “taking the required actions to make sure that the possession of the reserves and the event of the power sector stays within the arms of the nation for the good thing about South Africans

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There’s been a reservation of judgment within the matter.

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