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Eskom planning to cancel R14bn oil contract over inflated supplier fees - report

The expected move to cancel the five-year contract and seek supplies directly from oil refineries comes as Eskom boss Andre de Ruyter seeks to cut expenses.

Eskom's Megawatt Park offices in Johannesburg on 12 March 2015. Picture: EWN

JOHANNESBURG - Eskom is reportedly planning to cancel a contract to buy as much as R14 billion of fuel oil from Econ Oil & Energy.

Bloomberg is reporting that the deal will be scrapped after a probe it commissioned found that Econ's fees had been inflated.

The probe was conducted by Wim Trengove, one of South Africa's best-known lawyers, after Eskom's management initially asked the board for permission to cancel the contract in January.

The expected move to cancel the five-year contract and seek supplies directly from oil refineries comes as Eskom boss Andre de Ruyter seeks to cut expenses.

The state-owned utility is struggling to meet the cost of maintaining its power plants and servicing a R480 billion debt burden.

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