The Competition Tribunal has approved the merger in which oil refining and logistics company Prax will acquire energy company TotalEnergies' interest in refinery National Petroleum Refiners of South Africa (Natref).
The tribunal has approved the proposed transaction subject to conditions, which involve historically disadvantaged persons transactions and capital expenditure commitments.
Prax is involved in the production, supply, storage, refining and distribution of crude oil, petroleum products and biofuels in the UK. It does not have any operations in South Africa or in South Africa’s neighbouring countries.
Natref’s primary business is to refine petroleum feedstock into finished and unfinished petroleum and petrochemical products.