Energy Dept to probe fuel fund’s interest in buying Chevron
30 June 2016
Cape Town - Energy Minister Tina Joemat-Peterson will investigate why the Strategic Fuel Fund (SFF) has expressed interest in buying Chevron’s assets without her consent, the Department of Energy (DoE) said on Thursday.
The DoE is disturbed at the complete disregard for governance processes by the entity in question, DoE director-general Thabane Zulu said in a statement on Thursday.
“An offer to purchase by an entity of the Department of Energy requires express consent from the Minister of Energy as the ultimate Shareholder representative,” he said. “This was neither sought nor obtained.”
“In view of this failure to observe the correct processes, the Minister of Energy and the director general will initiate a thorough investigation into the matter in consultation with both the boards of CEF (Central Energy Fund) and SFF.”