South Africa Applies to Invalidate Oil Sale to Glencore, Vitol
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South Africa’s state-owned Central Energy Fund has applied to invalidate 2015 contracts for the sale of crude oil to Taleveras Group and joint ventures led by Vitol Group and Glencore Plc.
The sale of 10 million barrels of oil reserves by the CEF’s Strategic Fuel Fund when prices languished near an eight-year low was probed by the Energy Department. The CEF filed a founding affidavit on March 12 to declare the contracts invalid, spokesman Jacky Mashapu said in a text message. He declined to comment further.