02 October 2019

Trafigura's fuel supplies to Zimbabwe

02 October 2019 - Trafigura holds a minority stake of 49 % in Trafigura Zimbabwe, with Sakunda Petroleum holding a controlling stake of 51%, as was required under local content laws at the time of the investment. Trafigura Zimbabwe is only involved in petroleum supply and distribution, and the joint venture company was renamed from “Sakunda Supplies” to “Trafigura Zimbabwe” to differentiate our joint activities marketing fuel, from that of the wider Sakunda group of companies – in which Trafigura has no involvement.

Through the joint venture, Trafigura and participating commercial banks provide credit to the Reserve Bank of Zimbabwe for fuel imports into Zimbabwe. Trafigura maintains an almost daily direct dialogue with the Reserve Bank of Zimbabwe and other stakeholders, adhering to the rules and regulations of the market. We are not aware that Trafigura Zimbabwe is currently being investigated or subject to any restrictions.

The currency situation, with USD liquidity remaining tight, contributes to a challenging business environment for suppliers and consumers. We provide the support we can in terms of credit and flexibility, while we also acknowledge our limited role as a commercial actor. We form part of the supply chain, making sure that petroleum products are made available in line with regulated prices and demand.

We draw attention to the IMF’s actual statement on 26 September 2019