Trafigura Pte Limited has parted ways with its Zimbabwean
partners Sakunda Holdings owned by businessman Mr Kuda Tagwirei.
Trafigura Pte Limited now owns 100 percent of Trafigura
Zimbabwe after acquiring Sakunda Holdings’ 51 percent stake.
Trafigura Zimbabwe supplies fuel through Puma, Redan and
Sakunda service stations and reportedly has interests in the Feruka Oil
pipeline. However, the deal awaits regulatory approval.
Further, Trafigura expects the transaction to improve
clarity on the company’s local operations. Trafigura Pte, which is head-quartered in Switzerland, held
a minority 49 percent stake in Trafigura Zimbabwe through Puma Energy, while
Sakunda Petroleum had the controlling stake of 51 percent, in line with local
content laws that applied at the time of the investment.
The Second Republic has since tweaked the local content
laws to attract more investors under the policy, “Zimbabwe is Open for
Business”.
Trafigura Zimbabwe was only involved in petroleum supply
and distribution.
The joint venture company was renamed from Sakunda Supplies
to Trafigura Zimbabwe to differentiate the joint activities of marketing fuel,
from those of the wider Sakunda Group of companies.
Mr Tagwirei’s mobile phone went unanswered last night and
had not responded to a text message.
However, a Trafigura Pte Ltd spokesperson yesterday
confirmed Trafigura, Tagwirei part ways the transaction.
“In December 2019, Trafigura Pte Ltd signed an agreement to
become the 100 percent owner of fuel supply business Trafigura Zimbabwe. This
follows the purchase of Sakunda Holding’s 51 percent stake in the company which
is currently awaiting final regulatory approval,” said the spokesperson.
“This will bring improved clarity on Trafigura’s activities
in the country, an opportunity for more robust financing of Trafigura Zimbabwe
and aims to help improve the security of supply of fuel to Zimbabwe.
Trafigura Zimbabwe will continue to ensure that petroleum
products are made available in line with ZERA (the Zimbabwe Energy Regulatory
Authority)’s regulated price build-up and quality standards.
“USD liquidity remains tight, contributing to a challenging
business environment for suppliers and consumers. Nevertheless, Trafigura is
committed to continuing to work closely with the Reserve Bank of Zimbabwe to
provide credit and flexibility, notwithstanding its limited commercial role in
the country.”
The Trafigura spokesperson assured interested parties in
Zimbabwe that the ownership change will not “cause any interruption to
Trafigura’s supply of fuel to Zimbabwe”.
ZERA acting chief executive officer Mr Eddington Mazambani
could neither confirm nor deny the transaction.
“Trafigura is not a licensee so ZERA wouldn’t have their
shareholding structure. Trafigura or Sakunda are best placed to comment,” he
said.
He referred further questions to the Competition and Tariff
Commission (CTC) which handles mergers and de-mergers to check on potential
monopolies that could arise.
CTC director Ms Ellen Ruparanganda asked for written
questions but did not respond.
Secretary for Energy and Power Development Dr Gloria
Magombo said she was not aware of the transaction. Herald
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