TotalEnergies has entered into an agreement with British multinational fuel company, Prax Group, to divest its 36.6% stake in the National Petroleum Refiners of South Africa (NATREF) refinery.
The 108,500 barrel-per-day, joint venture midstream business and refinery facility, located in Sasolburg in Free State Province is operated and owned by TotalEnergies Marketing South Africa and South African energy firm, Sasol.
According to TotalEnergies, the deal aligns with its commitment to divest its non-core assets to concentrate on large-scale, integrated fuels and petrochemicals platforms.
For Prax Group, the acquisition represents a significant milestone, signifying its entry into the South African energy market and aligning with the company’s broader growth strategy.
“The acquisition marks another significant milestone for the Prax Group and will create unique opportunities across the South African supply chain, meeting the needs of customers and communities for years to come,” Sanjeev Kumar Soosaipillai, Chairman and CEO of Prax Group, said.
Source: https://energynewsafrica.com
