Global commodities trader Trafigura is among three companies vying for a 36.36% stake in South African petrochemical company Sasol’s Natref refinery, two sources with knowledge of the matter told Reuters.
The minority shareholding in the 108,500 barrels per day plant, South Africa’s only inland crude oil refinery, is up for sale after British-based Prax Group, which bought the stake from TotalEnergies for an undisclosed sum two years ago, went into administration in 2025.
South Africa’s fuels market is among the largest in Africa and analysts expect it to keep growing for the foreseeable future, in contrast to regions such as Europe where a shift to greener energy is slowing oil demand.
The process to acquire the stake is an open one, and Trafigura is not in exclusive talks on the asset, the sources said.
Both declined to be identified as they are not authorised to speak publicly.
SASOL HOLDS MAJORITY INTEREST
Operator Sasol holds Natref’s remaining majority interest and has right of first refusal, Sasol’s CEO Simon Baloyi said during an interview in February with Reuters.
Prax did not respond to a request for comment, while Sasol declined further comment.
One of the two sources said that, apart from Trafigura, two Black-owned South African energy companies were also competing in the process and may at a later stage be backed by a western energy partner.
Since the end of white minority apartheid rule in 1994, South Africa has pursued a state-backed policy of Black Economic Empowerment to open up sectors of the economy from which its Black majority was previously excluded.
The source declined to identify them due to the sensitivity of the ongoing bids and the potential impact on their respective positions.
In South Africa, Trafigura competes with rivals, such as Vitol and Glencore. Last month Trafigura also signed a $1 billion pre-payment deal with Gabon to receive crude deliveries over seven years.
