BP Southern Africa has sold its East London Terminal in the Port of East London, South Africa, to Wasaa, an independent petrochemical logistics and trading company owned by black women.
Wasaa’s management team has more than 50 years of combined experience in the manufacturing and distribution of gas, fuels, and chemicals, and is an emerging commodity trader in the region. This new transaction is the first of its kind in South Africa, where a black, female-owned entity has bought a bulk liquid fuel terminal.
Wasaa Terminals has taken full operational responsibility for the terminal, acquired 100% of its moveable assets, and a 20% stake in the berth-to-terminal pipeline. It will provide terminal storage and handling services to bp Southern Africa, which has retained operations of its transport business operating out of East London. Wasaa will also provide an aggregation service to other Broad-Based Black Economic Empowerment (BBB-EE) companies.
‘This transaction is a manifestation of the hard work the management team has put in place since we started our operations in 2009. The conclusion of this deal fits in snugly with our strategic objectives of being the leading provider in logistics, gases, trading, chemicals, and commodities in sub-Saharan Africa and beyond. We firmly believe that this historic transaction will serve to deepen transformation in the petrochemicals industry and serve as a catalyst for meaningful women participation in the industry,’ says Wasaa Group founder and managing director, Nokwanele Qonde.
BP Southern Africa CEO Taelo Mojapelo adds: ‘This infrastructure transaction is an important contribution by BPSA towards the country’s efforts of empowering black and women owned entrepreneurs in the energy sector. As we hand over the reins, we continue to support Wasaa to help them get up to speed and ensure a seamless transition which is necessary for future success.’
(Source: Tank Storage Magazine)