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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Unicorn Bunkers sale was 'historic achievement in support of empowerment': Grindrod

Creation of South Africa's first 100% black shipowning firm hailed as a 'great opportunity to support Operation Phakisa'.



Image credit: Pixabay CC0


Updated on 03 Sep 2018 14:07 GMT

South Africa's Grindrod says the recent sale of its subsidiary, marine fuel supplier Unicorn Bunkers, was an "historic achievement in support of empowerment".

Earlier this year, in April, Unicorn was sold to Women in Oil and Energy South Africa (Woesa) and Linsen Nambi for an undisclosed amount.

The transaction created the first 100 percent black shipowning business in the country, helping to promote the participation of black women and black youth in the maritime sector.

Woesa's main focus is on helping historically disadvantaged individuals and groups and to position itself as a black woman-owned, led and operated key player in the energy sector, and also a leading organisation in facilitating the participation of women in the oil, gas and renewable energy industries.

Linsen Nambi, meanwhile, is a 100 percent black-owned and managed shipbroking firm.

The deal to sell Unicorn was financed through the Industrial Development Corporation (IDC) - a national development finance institution set up to promote economic growth and industrial development which is owned by the South African government under the supervision of the Economic Development Department.

On Friday, Grindrod said the sale of South African bunker supplier Unicorn was a "great opportunity to support Operation Phakisa with a niche business".

Launched in 2014, Operation Phakisa was set up as a government initiative to help drive the country's National Development Plan - South Africa's socio-economic development blueprint aimed at creating a better life for all citizens in an inclusive society.

Phakisa, which means 'hurry up' in Sesotho, is a fast-track, results-driven project designed to accelerate the delivery of some of the nation's development priorities.

Unicorn Bunkers operates three bunker tankers in the ports of Durban and Cape Town. In Durban, it is under contract to oil majors BP and Engen, and in Cape Town under contract to Chevron.






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