SA’s ex-strategic oil reserves to leave Saldanha, exposing R1.5bn Oilgate coverup.

By Alec Hogg

Last August an international oil trader explained on Biznews how South African taxpayers were skimmed of at least R1.5bn when the national strategic oil reserves were sold at well below the market price.

He explained the connected insiders concluded a transaction that was totally illogical and obviously corrupt. At the time the oil market was in contango – a period where a glut in supply causes spot prices to fall below those for future delivery. SA’s oil was sold at below the lowest spot price.

The Zuma Administration’s attempts to cover up the Oilgate rip-off rest with claims it was a “rotation” of the oil stocks with Energy Minister Tina Joemat-Pettersson maintaining the oil is still in the Saldanha tanks and available. Her lie is about to be well and truly unmasked.

Bloomberg quotes “five traders familiar with the matter” saying the world’s biggest oil merchant, Dutch group Vitol, is offering to sell and ship some 4m barrels of its Saldanha-stored oil – almost half of what used to be SA’s strategic reserves. Can’t wait to hear what cock and bull story the Zuptas will concoct when Vitol’s tankers arrive to collect the company’s cheaply acquired asset.

Some of the comments below the link to the story on Alec Hogg’s Facebook Page.
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