TotalEnergies sells stake in Natref Refinery to Prax Group
TotalEnergies, in a strategic move to streamline its portfolio, has signed an agreement to sell its 36.36% minority stake in the National Petroleum Refiners of South Africa (Natref) to the Prax Group. TotalEnergies Marketing South Africa currently holds this stake. The transaction's completion is contingent on standard approvals, consents, and authorisations.
Located in Sasolburg, Free State, South Africa, the Natref refinery boasts a capacity of 108,500 barrels of oil per day. It primarily serves the Johannesburg area, South Africa's main inland market, and operates under a joint venture between Sasol, holding a 63.64% stake, and TotalEnergies Marketing South Africa.
The Prax Group is a British multinational corporation involved in the energy sector, primarily focusing on oil refining, trading, and distribution. most notable among them is the Lindsey Oil Refinery in North Killingholme, North Lincolnshire, UK. This refinery was acquired by the Prax Group from Total in 2020.
Jean-Pierre Sbraire, chief financial officer of TotalEnergies, remarked, “This divestment aligns with our strategy to concentrate on our large integrated fuels and petrochemicals platforms while moving away from non-core assets.”
TotalEnergies has a longstanding presence in South Africa, spanning nearly seven decades. The company continues to produce and market a diverse range of energies, including fuels, biofuels, natural gas, green gases, renewables, and electricity, reaffirming its commitment to its operations in the country.