South Africa: Afric Oil to purchase 60 gas stations
Emerging fuel group Afric Oil has discussed buying into a conglomerate of around 60 gas stations in South Africa to continue its expansion plans.
Afric Oil, part of the Pembani group, wants to be active in all the steps of the fuelling chain, including fuel import, storage, distribution and retail, according to CEO Tseke Nkadimeng.
The current conditions in the South African market, which involve structural changes, disinvestment from major fuel operators and low oil prices, have opened up opportunities for new players, reported Business Day.
Afric Oil distributes around 400 million litres of diesel per year in South Africa and is planning to purchase a further 22 tankers.
In the fuel retailing segment, of the 5,000 gas stations operating in the country 73% are owned by whites. Afric Oil is one of the upcoming black-owned fuel groups that are trying to gain bigger presence.
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