Industry News

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03
Aug

Sasol restarts Natref, ramping up output

Sasol, South Africa’s biggest fuel producer, restarted the Natref refinery it owns with TotalEnergies after delayed oil deliveries last month resulted in a shutdown. The disruption caused Sasol to declare a force majeure on petroleum products, which remains in effect. The 108,000 barrel-a-day plant is now "online and production ramp-up is in progress", the company said in response to emailed questions. Natref’s shutdown also meant the whole of South Africa’s…

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03
Aug

PICS | Diesel thieves caught siphoning fuel from truck while driver was asleep

Four suspected diesel thieves were caught red-handed in Parow early on Monday morning. The men were caught while the truck driver was asleep in the vehicle. They had siphoned off approximately 125 litres of diesel by the time traffic officers arrived. Four men have been caught in the act of stealing diesel from a truck parked in Parow. The men - aged 26, 28, 31 and 39 - were arrested…

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03
Aug

SMEs can overcome the triple whammy – inflation, fuel and loadshedding

As interest rates increase to curb rising inflation, coupled with fuel and loadshedding, amongst other challenges - all putting pressure on the profit margins of SMEs, FNB says the silver lining potentially lies in managing cash flow effectively and efficiently. The past few months haven't been easy for small businesses as fuel increases have significantly increased the cost of transporting goods. Moreover, loadshedding has resulted in some businesses losing revenue…

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03
Aug

European energy companies raking in record profits – as sky-high bills squeeze customers’ wallets

Energy providers Centrica and Shell both just booked record profits as fuel costs rise. Europe is experiencing a gas crisis, with one key benchmark doubling in two months. British households' energy bills could have tripled by the end of the year, according to the consultancy firm BFY. For more stories, go to www.BusinessInsider.co.za.  Soaring gas prices are bad news for consumers - but they're helping major energy companies to rake in…

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01
Aug

European energy companies raking in record profits – as sky-high bills squeeze customers’ wallets

Energy providers Centrica and Shell both just booked record profits as fuel costs rise. Europe is experiencing a gas crisis, with one key benchmark doubling in two months. British households' energy bills could have tripled by the end of the year, according to the consultancy firm BFY. For more stories, go to www.BusinessInsider.co.za.  Soaring gas prices are bad news for consumers - but they're helping major energy companies to rake in…

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01
Aug

Eni discovers more oil and gas in Baleine field in Ivory Coast

Italian energy company Eni has made a second oil and gas discovery offshore from Ivory Coast in less than a year, raising the country’s profile as a producer and increasing the fossil fuel resources found in the area by about 25%. The Baleine field now holds an estimated 2.5 billion barrels of oil and 93.4 billion cubic metres of associated gas, following the drilling of an exploration well in block…

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01
Aug

Petrol price to drop by over R1 per litre on Wednesday

Fuel prices will see a large drop on Wednesday, thanks in part to a cooling oil price. Petrol prices will be cut by R1.32 a litre, for both 93 and 95 unleaded, while diesel prices will be lowered by 88 cents a litre (0.05% sulphur) and 91 cents (0.005% sulphur) a litre, the Department of Mineral Resources and Energy announced on Saturday evening. In Gauteng, the price of 95 unleaded…

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01
Aug

Cities in Germany limiting heating, turning off spotlights to save gas as Russia slashes fuel supply

German capital Berlin is turning off 1,400 spotlights highlighting historic monuments and buildings. Munich and Hanover are taking similar steps, including limiting heating ahead of winter. Germany is facing an energy crisis as major supplier Russia has cut natural-gas supply. Cities in Germany are turning off the lights and heating in an effort to save natural gas and build up reserves ahead of winter. Berlin, Germany's capital, started turning off 1,400…

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01
Aug

Hijackers target fuel tankers as vehicle theft increases

Vehicle-recovery and fleet-intelligence company Netstar reports that the theft and hijacking of tankers are on an upward trend. The company says that from January to June, hijackings and thefts among their customers rose by 24%. Charles Morgan, the company’s operations executive, says fuel tankers belonging to Netstar’s fleet customers have seen a dramatic rise. Morgan says: There are indications that fuel tankers are becoming a target. “In a recent case,…

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27
Jul

Petrol price may be cut by more than R1/litre next week

Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page. South Africans will be getting some relief at the petrol pumps with fuel price cuts in August, the Department of Mineral Resources and Energy confirmed on Wednesday. According to the latest data from the Central Energy Fund, petrol prices currently look set for cuts of between R1.19 and R1.22 per litre, depending on the grade of fuel. Diesel could…

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