South Africa has been left without a single operating oil refinery after Sasol closed Natref amid delayed oil deliveries. Sasol says it doesn't expect supply shortages at fuel stations, for now. | Fin24
At this stage, petrol or diesel shortages are not expected at fuel stations, after South Africa was left without a single operating oil refinery.
All of South Africa’s refineries are now offline, after Sasol closed Natref in Sasolburg following delays in the arrival of crude oil shipments at the Durban port. The company declared a force majeure, and said it won’t be able to supply of petroleum products. It refines oil to produce petrol and diesel.
Sasol spokesperson told Fin24 that no supply shortages are expected at fuel stations, including its own, at this stage. Sasol does not want to give information about the origin of the oil that has been delayed, but confirmed that a shipment finally arrived on Saturday. The company says it is"pro-active" in finding new sources of oil. It expects that Natref will be running at full capacity by end-July.
The delay in crude oil supplies to Sasol comes at an unexpected time. While there has been a supply squeeze in recent months, demand for oil has started to weaken in response to red-hot prices. Growing fears about a global recession is also weighing on demand. Last week, oil prices dropped below $95 a barrel for the first time since the invasion of Ukraine.Natref was the last operating crude oil refinery in South Africa, and following its loss, the country must now import 80% of its fuel.
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