TotalEnergies signs agreement to divest its minority stake in Natref refinery to the Prax Group

Fri, Dec 1, 2023
By editor

Oil & Gas

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 barrels of oil per day, supplies the main South African inland market of Johannesburg area and is operated by a Joint Venture between Sasol (63.64%) and TotalEnergies Marketing South Africa (36.36%) .

“The transaction is in line with the Company strategy to focus on its large integrated fuels & 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.