South Africa: Black entrepreneurs target ‘promising’ fuel retailing industry

South Africa's National Empowerment Fund (NEF) has identified the fuel retailing sector as one of the most promising for it continues to grow despite of the economic recession.

The NEF has been working for a number of years in promoting the participation of black entrepreneurs in the fuel retailing industry through partnerships with oil companies. The fund has already held set up 77 gas stations franchises, mostly operated by women.

South Africa´s black community still suffers from a lack of opportunities to develop prosperous business in all areas of the economy. In the fuel retailing segment, of the 5,000 gas stations operating in the country 73% are owned by whites, reports Business Day Live.

After a successful partnership with BP, NEF has entered negotiations other major fuel retailers such as Shell, Engen and Total to expand the program and get more black entrepreneurs active in the sector.

The NEF is also focused on opening opportunities for black entrepreneurs in fuel storage, supply and the upstream segment. The fund´s CEO Philisiwe Mthethwam actually recognized the potential of the upstream sector at the Fuel Expo last weekend.