South Africa: SacOil expands downstream business with Belton Park acquisition
South African independent African oil and gas company, SacOil, has agreed to acquire Belton Park, an independent fuel wholesaler and distributor with a substantial fleet of heavy duty tankers.
The transaction, which costs R220 million (US$ 16 million), is in line with SacOil’s strategy to expand its fuel distribution business and further diversify its upstream and midstream portfolio to include logistics, fuel wholesale distribution, crude trading, exploration, and production.
Belton Park’s 32 heavy duty tankers, in addition, will complement the fleet of Afric Oil, another company recently purchased by SacOil.
“The Acquisition will increase SacOil’s consolidated revenues significantly, enhancing those already generated from our production in Egypt, our existing crude trading business in Nigeria and our majority interest in Afric Oil,” said Dr Thabo Kgogo, CEO of SacOil, in a company release.
