The Prax Group to acquire a 36.36% stake in National Petroleum Refiners of South Africa refinery from TotalEnergies.

The Prax Group, an independent oil refining, storage, distribution, sales conglomerate dealing in crude oil, petroleum products & bio-fuel, agreed to acquire a 36.36% stake in National Petroleum Refiners of South Africa refinery, a joint venture inland refinery with Sasol Oil and Total as the main partners from, TotalEnergies, a French multinational integrated oil and gas company. Financial terms were not disclosed. “The signing of this agreement is the first step towards our entry into Africa. This will provide us a solid platform from which to execute our future growth strategy. The acquisition marks another significant milestone for the Prax Group, and will create unique opportunities across the South African supply chain, meeting the needs of customers and communities for years to come,” Sanjeev Kumar Soosaipillai, The Prax Group Chairman and CEO.