CEF Welcomes SFF’s 50% Acquisition of BP Cape Town Terminal
08.15.2022 By Ricardo Perez - NEWS

August 15, 2022 [Engineering News] – The State-owned Central Energy Fund (CEF) has welcomed the Competition Tribunal’s unconditional approval whereby its subsidiary the Strategic Fuel Fund (SFF) was given the go-ahead to acquire a 50% interest in the assets of bp Southern Africa’s (bpSA’s) Cape Town Terminal.

 

The terminal has a storage capacity of about 86-million litres of diesel, petrol, jet fuel and illuminating kerosene.

This capacity translates to 1.6-billion litres a year and represents about 30% of the available terminal infrastructure capacity for the high-growth Cape Town’s fuels market, the CEF points out.

Commenting on the approval, SFF CEO Godfrey Moagi says the acquisition of the bp Cape Town terminal will pave the way for SFF to diversify its revenue stream in line with its strategic objectives.

“Through this asset, SFF will also be able to import finished products to mitigate risks associated with product shortage as a result of local refining capacity being closed.

“In our quest to transform the sector, SFF will also allow the previously disadvantaged South Africans who want to participate in the petrochemical business access to use the infrastructure,” Moagi comments.

CEF group CEO Dr Ishmael Poolo adds that the acquisition of this infrastructure forms part of the group’s fulfilment of its security of supply mandate to facilitate access to critical infrastructure and product accessibility at an affordable price.

Pro Trial: Access 10,390 Tank Terminal and Production Facilities

10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Sempra Targets Cameron LNG Expansion FID in H1 2025
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- US LNG exporter Sempra Infrastructure, a unit of Sempra, expects t... Read More
Gastrade: Greece’s first FSRU to Start Commercial Ops by End of April
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- Greece’s Gastrade expects to launch commercial operations at its... Read More
NFE Expects to Launch Altamira LNG Production in March
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- US LNG firm New Fortress Energy expects to start production of liq... Read More
Commonwealth LNG Pushes Back FID to H1 2025
02.29.2024 - NEWS
February 29, 2024 [LNG Prime]- Commonwealth LNG has postponed a final investment decision on its ... Read More