Glencore admits deal to buy South African strategic crude oil reserves was invalid

The Strategic Fuel Fund (SFF) has reached an in-principle agreement with diversified miner Glencore to reverse the 2015 sale of South Africa’s strategic crude oil reserves.

Glencore has agreed that the sale of the three-million barrels of oil was invalid, after first challenging the matter with the SFF and its parent company, the Central Energy Fund.