Trafigura Pte Ltd yesterday revealed the purchase of Sakunda Holding’s 51 per cent stake to fully own and control Zimbabwe’s major fuel importer.
Trafigura Zimbabwe, under Trafigura Pte Ltd, used to own 49% of Sakunda shares; Kuda Tagwirei owned the rest.
“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,” the company says.
Sakunda, with a monopoly in importing fuel into Zimbabwe, has been under the spotlight as fuel shortages persist in the southern African country.
With government critics linking Tagwirei to corrupt individuals, Sakunda’s image has been negative in Zimbabwe’s press.
Trafigura’s Sakunda has also been linked to the government’s command agriculture where millions of US Dollars allegedly disappeared.
“Trafigura Zimbabwe will continue to ensure that petroleum products are made available in line with ZERA’s regulated price build up and quality standards,” the company says.
“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.”
Zimbabwe’s fuel prices have been going under nearly every month with Sakunda and the government being criticised for the challenge.
“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,” Trafigura says.
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