Update on Trafigura’s fuel supply business to Zimbabwe
4 February 2020 - 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.
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’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 the company’s limited commercial role in the country.
Trafigura wishes to assure Trafigura Zimbabwe’s counterparties that the change in ownership will not cause any interruption to Trafigura’s supply of fuel to Zimbabwe.