TotalEnergies signs agreement to divest minority stake in Natref refinery

Published by Poppy Clements, Assistant Editor
Hydrocarbon Engineering, Friday, 01 December 2023 09:00

In line with its strategy to divest non-core assets, TotalEnergies has announced the signature of an agreement to divest the 36.36% minority stake, held by TotalEnergies Marketing South Africa, in National Petroleum Refiners of South Africa (Natref) to the Prax Group. The transaction is subject to customary approvals, consents and authorisations.

Located at Sasolburg (Free State, South Africa), Natref refinery has a capacity of 108 500 bpd of oil, supplies the main South African inland market of Johannesburg area and is operated by a joint venture (JV) between Sasol (63.64%) and TotalEnergies Marketing South Africa (36.36%).

“The transaction is in line with the company's strategy to focus on its large integrated fuels and petrochemicals platforms and to divest its non-core assets,” commented Jean-Pierre Sbraire, Chief Financial Officer of TotalEnergies.

TotalEnergies has been present in South Africa for nearly 70 years, produces and markets a wide range of energies from fuels, biofuels, natural gas and green gases, renewables and electricity and remains committed to its operations in the country.

Read the article online at: https://www.hydrocarbonengineering.com/refining/01122023/totalenergies-signs-agreement-to-divest-minority-stake-in-natref-refinery/

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