Glencore loses $60 million after buying oil from South Africa’s Strategic Fuel Fund

Glencore loses $60 million after buying oil from South Africa’s Strategic Fuel Fund

South Africa’s Strategic Fuel Fund (SFF) sale of oil to Glencore, dating back several years and which is being challenged in court, has pushed the Swiss trading group to return three million barrels of crude to the public entity.

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            ▪ Glencore loses $60 million after buying oil from South Africa’s Strategic Fuel Fund

▪ South Africa’s Strategic Fuel Fund (SFF) sale of oil to Glencore, dating back several years and which is being challenged in court, has pushed the Swiss trading group to return three million barrels of crude to the public entity.

https://www.africabusinessplus.com/en/807011/glencore-loses-60-million-after-buying-oil-from-south-africas-strategic-fuel-fund/

After recording nearly $42 million (€35 million) in transaction-related losses in 2019, Glencore saw the bill rise by a further $18 million (€15 million) last year, including lost profits, legal fees and oil price differentials.

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