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Treasury not informed of decision to sell oil reserves

In a written reply to the EFF’s Floyd Shivambu, Treasury says it was not informed of the decision to sell the country’s oil reserves.

FILE: Former Energy Minister Tina Joemat-Petersen at the opening of the ANC NPC at Nasrec. Picture: Thomas Holder/EWN

CAPE TOWN – It’s emerged former Energy Minister Tina Joemat-Pettersson knew that a move to sell the country's oil reserves was procedurally flawed.

In response to a question from the Economic Freedom Fighters (EFF), Treasury says it alerted Joemat-Pettersson and her successor Mmamaloko Kubayi of the numerous discrepancies related to the transaction.

In May, Kubayi revealed to Parliament’s Energy Committee that the crude stocks had in fact been sold and not rotated as earlier suggested by Joemat-Pettersson.

In a written reply to the EFF’s Floyd Shivambu, Treasury says it was not informed of the decision to sell the country’s oil reserves.

The Strategic Fuel Fund would have had to report to the Central Energy Fund for a transaction exceeding R135 million.

The CEF board would, in turn, have had to notify the Energy Department and the Treasury of a transaction with a profit after tax of more than R713 million.

None of this was done.

It's also been revealed the proceeds from the sale were paid into the Customer Foreign Currency Account and not the Central Energy Fund, without informing the Finance Minister.

Treasury says it informed Joemat-Pettersson of all the discrepancies, but no response was received before she left office.

(Edited by Leeto M Khoza)

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