Bid for Chevron 'is illegal'

01 July 2016 - 09:37 By BDlive, Staff reporter

Energy Minister Tina Joemat-Pettersson said yesterday that the state-owned Strategic Fuel Fund had failed to consult her on its decision to bid for Chevron assets in South Africa - a major governance breach and illegal. Her department said it viewed the fund's expression of interest in buying Chevron with concern "and is disturbed at the complete disregard for governance processes by the entity in question"."An offer to purchase by an entity of the department requires express consent from the minister of energy as the ultimate shareholder representative. This was neither sought nor obtained."The director-general will initiate a thorough investigation into the matter in consultation with both the boards of the Central Energy Fund and the SFF," it said.The fund announced on Wednesday it would bid for Chevron's Cape Town refinery, a lubrication plant in Durban and a network of 845 Caltex petrol stations. ..

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