(Bloomberg) -- Prax Group agreed to buy TotalEnergies SE’s minority interest in a South African refinery as the UK energy firm seeks to expand on the continent.
Total will divest its 36.36% minority stake in the 108,000 barrel-a-day National Petroleum Refiners of South Africa plant, known as Natref, it said in a statement, without providing financial details of the deal. Sasol Ltd. is the majority owner and operator of the plant. The deal is subject to approvals.
“The signing of this agreement is the first step toward our entry into Africa,” Prax Chief Executive Officer Sanjeev Kumar Soosaipillai said in a separate statement on the company’s website. “This will provide us a solid platform from which to execute our future growth strategy.”
Natref will serve as a focal point for its expansion into Africa, with further investment and a regional hub built around this key asset, Prax said. The company completed the purchase of the Lindsey Refinery in the UK from Total in 2021.
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