Trafigura Among Three Bidders for Minority Stake in South Africa’s Natref Refinery

 

Global commodities trader Trafigura is one of three companies competing for a 36.36% minority stake in South Africa’s only inland crude oil refinery, Natref, according to sources familiar with the matter. The stake, previously held by UK-based Prax Group, became available after the company entered administration in 2025, following its acquisition of the interest from TotalEnergies in late 2023. Natref, a joint venture with petrochemical giant Sasol holding the majority 63.64% stake, has a capacity of 108,500 barrels per day and is strategically located in Sasolburg, about 80 km south of Johannesburg. It supplies petrol, diesel, and jet fuel primarily to the key inland market of Gauteng. The bidding process remains open, and Trafigura is not in exclusive negotiations. Alongside the Singapore-headquartered trader, two Black-owned South African energy firms are also in the running. These local bidders may seek international partners at a later stage, aligning with South Africa’s Black Economic Empowerment (BEE) objectives in the energy sector. Sasol, which operates the refinery, holds a right of first refusal on the stake. In recent comments, Sasol CEO Simon Baloyi has stressed the importance of securing a financially strong partner to ensure the long-term stability of the facility and avoid operational challenges seen in the past.

Source: Reuters