Central Energy Fund Wants To Manage Sa's Biggest Fuel Storage Hub

South Africas state-owned Central Energy Fund CEF wants to manage petrochemical assets at the nations biggest fuel-storage hub after it bought the countrys largest fuel refinery thats adjacent to the facility last year. The CEF purchased the 180 000-barrel-a-day Sapref plant from Shell and BP and has asked the National Department of Transport to allow it to take over operations at Island View in the eastern port city of Durban so that the refinery can be 'financially viable,' the department said in a reply to questions.
The CEF has applied for the change under section 79 of the National Ports Act, which allows the transport minister to designate assets to safeguard the countrys national security.
South Africa is a net fuel importer. It brings in 61 of its needs, compared with only 22 in 2019 because multiple refineries have shuttered operations due to a combination of industrial accidents and the approach of new low-sulphur fuel standards that require greater investment in aging plants.
The Island View precinct currently managed by state-owned logistics company Transnet is a crucial part of the energy chain, with virtually all shipments of petroleum products into the country moving through its berths and storage tanks before feeding into the national pipeline network.