Confirmed! SA Strategic Fuel Stocks Were Truly Sold In A Secret Deal

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It has been confirmed that SA strategic fuel stocks were sold in a secret deal last year. The confirmation was made by the new Energy Minister in her first briefing to MPs.

The Minister, Mmamoloko Kubayi contradicted her predecessor, Tina Joemat-Pettersson’s claim that the nation’s strategic fuel stocks were merely rotated.

While Kubayi was briefing MPs, she admitted that SA strategic fuel stocks were sold in a secret deal. According to the Minister, the proceeds from the sale isn’t lesser than R300 million.

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Adding that the money is still in the accounts of the strategic fuel fund, Minister Kubayi disclosed that an investigation is going on to find out who authorised the sale.

Apart from the foregoing, Minister Kubayi expressed that South Africa’s oil company is a “problem child”. Specifically, she indicated that the losses incurred by the Ikhwezi Project at Mossel Bay are disturbing.

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While the Minister stressed that happenings at PetroSA are worrying, she questioned the payment of R17.3 million bonuses to executives at the State-owned entity.

“You can’t say to me you are paying retention bonuses; what are you retaining when people can’t perform their responsibilities?” She asked.

BuzzSouthAfrica once reported about PetroSA R15.6 billion impairment. The impairment includes R14.5 billion identified in the 2014/15 financial year and another R1.1 billion impairment for the 2016/17 financial year.

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Then, the Democratic Alliance (DA) party agitated that the individuals responsible for the billions wasted must be prosecuted. The Minister expressed similar sentiment calling for accountability for PetroSA’s failed Ikhewzi project.

To her, the failure to punish individuals responsible for PetroSA troubles is uncool.