South African probe finds oil reserves sold, not rotated
5/2/2017 8:54:13 AM
CAPE TOWN (Reuters) -- An investigation has found that 10 MMbbl of South African crude oil reserves sold at the end of 2015 was a straight sale and not part of stock rotation, as previously stated, Energy Minister Mmamoloko Kubayi said on Tuesday.
South Africa's state-owned Strategic Fuel Fund (SFF) is being investigated after the Auditor-General said last year that it had sold strategic reserves without approval of the Treasury.
Reporting by Wendell Roelf; Writing by Joe Brock; Editing by Ed Stoddard
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