The Prax Group has announced that it has signed a Sales and Purchase Agreement (SPA) to acquire a 36.36% interest in National Petroleum Refiners of South Africa refinery (Natref) from TotalEnergies. Natref is a Joint Venture (JV) between TotalEnergies Marketing South Africa and Sasol (63.64%). The transaction is subject to customary approvals, consents, and authorisations.
The Prax Group has a proven track record of operating, optimising and improving strategically important assets. The joining of Natref JV will facilitate the Prax Group’s entrance into the South African market and represents the next step in the company’s international growth strategy. The Group’s intention is that Natref Refinery will serve as a focal point for its expansion into Africa, with further investment and a regional hub built around this key asset in South Africa.
The Group plans to improve the refinery’s competitive position through future strategic investment. Prax is able to draw upon experience in technological upgrading to ensure stability and security of energy supply in South Africa through continuity of operations.
Sanjeev Kumar Soosaipillai, Chairman and CEO of the Prax Group said: “The signing of this agreement is the first step towards our entry into Africa. This will provide us a solid platform from which to execute our future growth strategy. The acquisition marks another significant milestone for the Prax Group, and will create unique opportunities across the South African supply chain, meeting the needs of customers and communities for years to come.”