Global commodities trader Trafigura joins race for minority stake in South Africa’s Natref refinery
Trafigura is among three companies competing for a 36.36% stake in the Natref refinery, owned by Sasol, according to sources familiar with the matter.
Black News 
Trafigura is among three companies competing for a 36.36% stake in the Natref refinery, owned by Sasol, according to sources familiar with the matter.
- Trafigura is one of three companies bidding for a 36.36% stake in South Africa's Natref refinery.
- The refinery stake became available after Prax Group, which acquired it from TotalEnergies, entered administration in 2025.
- The bidding is open and Sasol, which holds the majority stake, has a right of first refusal.
- Two Black-owned South African energy firms are also competing for the stake and may seek international partners.
Trafigura is among three companies competing for a 36.36% stake in the Natref refinery, owned by Sasol, according to sources familiar with the matter.
The stake in the 108,500-barrels-per-day facility, South Africa’s only inland crude oil refinery, became available after the Prax Group, which acquired it from TotalEnergies two years ago, entered administration in 2025, according to Reuters.
The bidding process is open, and Trafigura is not in exclusive talks for the asset, the sources said, speaking on condition of anonymity due to the sensitivity of the discussions.
Sasol retains a majority stake in Natref and holds a right of first refusal on the sale. CEO Simon Baloyi had previously indicated the company’s position in discussions earlier this year.
In addition to Trafigura, two Black-owned South African energy firms are also vying for the stake, with the possibility of securing backing from international partners at a later stage. Their identities have not been disclosed.
South Africa fuel demand rises
South Africa’s fuel market remains one of the largest in Africa, with daily oil consumption estimated at 612,000 barrels as of 2024, making it one of the continent’s biggest energy consumers. Demand is expected to keep rising, in contrast to regions such as Europe, where the shift to cleaner energy is slowing oil use.
The potential deal also reflects ongoing efforts to broaden participation in the energy sector under South Africa’s Black Economic Empowerment policies, introduced after the end of apartheid to increase ownership among historically disadvantaged groups.
Trafigura operates in a highly competitive landscape in South Africa, alongside rivals such as Vitol and Glencore. The trader recently signed a $1 billion prepayment agreement with Gabon for crude oil deliveries over seven years, underscoring its continued push to secure supply across Africa.
