{"id":297,"date":"2014-09-23T06:39:08","date_gmt":"2014-09-23T06:39:08","guid":{"rendered":"http:\/\/www.thebe.co.za\/thebeblog\/?p=297"},"modified":"2014-09-23T12:51:23","modified_gmt":"2014-09-23T12:51:23","slug":"thebe-investment-corporation-jicaro-and-vtti-invest-in-fuel-storage-facility-for-cape-town-harbour","status":"publish","type":"post","link":"https:\/\/www.thebe.co.za\/thebeblog\/2014\/09\/thebe-investment-corporation-jicaro-and-vtti-invest-in-fuel-storage-facility-for-cape-town-harbour\/","title":{"rendered":"Thebe investment Corporation, Jicaro and VTTI invest in fuel storage facility for Cape Town Harbour"},"content":{"rendered":"<p><strong>R650 million facility will ensure Western Cape has sufficient fuel to meet demand<\/strong><\/p>\n<p>Cape Town, 18 September 2014 \u2013 Burgan Cape Terminals today announced an investment by Thebe Investment Corporation for the development of new fuel storage and distribution facilities earmarked for Cape Town Harbour.<br \/>\n\u00a0<br \/>\n\u00a0Thebe Investment Corporation acquired 15% of Burgan Cape Terminals.\u00a0<br \/>\n\u00a0Other shareholders include global storage terminal operator VTTI (70%) and Jicaro, a newly established 100% black owned BBBEE company with experience in the oil and gas sector (15%).\u00a0<br \/>\n\u00a0Established in 2008, Burgan Cape Terminals was formed in response to the severe shortage of storage capacity in South Africa and Government\u2019s drive to improve security of fuel supply and increase storage capacity in line with future fuel demands and the National Development Plan.\u00a0<br \/>\n\u00a0Last year, the Port of Cape Town (TNPA) awarded Burgan Cape Terminals a 20-year contract to develop and manage fuel storage and distribution facilities at the Eastern Mole of Cape Town Harbour.\u00a0<br \/>\n\u00a0<br \/>\n\u00a0Commenting on the deal,<strong> Zukie Siyotula, Chief Executive of Thebe Capital<\/strong> says: \u201cThis is a great partnership of skills, expertise and experience and I am extremely excited about the potential that the fuel terminal can unlock, both for Thebe Investment Corporation and for South Africa.\u00a0 This investment allows us to increase our focus on the growth that will come from the energy sector and complements our existing portfolio and strategy perfectly.\u201d<br \/>\n\u00a0<br \/>\n\u00a0The fuel storage facility in Cape Town Harbour will be multi-purpose and be used for the storage and distribution of both locally produced and imported fuels.\u00a0 Companies will \u2018rent\u2019 space from Burgan for storage of their fuel product. Burgan has already signed long-term (10 year) contracts with oil companies, who jointly aim to throughput up to 805,000 m3\/year. They will mainly off-take their products from the Chevron Oil refinery. In case of product shortfall, customers have the option to import product subject to the regulations governing the fuel industry. Burgan\u2019s state of the art truck loading facility will allow for efficient and swift distribution to end-users with limited impact on the surroundings.<\/p>\n<p>\u00a0For this project, Burgan entered into a joint venture with Rotterdam-based VTTI, which operates, develops and acquires refined petroleum product and crude oil facilities and energy infrastructure assets on a global scale.\u00a0 Total capital expenditure for the project is estimated to be around R650 million.<br \/>\n\u00a0\u00a0\u00a0<br \/>\n\u00a0<strong>Wandile Mseleku, CEO of Burgan Cape Terminals<\/strong> says: \u201cWe are very proud to partner with Thebe Investment Corporation and VTTI.\u00a0 Thebe has an exceptional track record as a pioneering black owned investment company that is known for its active investment philosophy.\u00a0 VTTI is one of the world\u2019s top fuel storage infrastructure developers and its experience in and focus on developing storage facilities safely and reliably will be of enormous benefit for this project.\u201d<br \/>\n\u00a0\u201cThe development of the fuel storage facility in Cape Town will not only address the country\u2019s need to increase fuel infrastructure and capacity but it will also have a positive effect on the economy, on global skills transfer and on the transformation of the local energy sector,\u201d says Mseleku.<br \/>\n\u00a0Govert Rietema, Director of Global Business Development at VTTI BV says, \u201cThe ready uptake of the facility by customers makes it clear that there is growing local demand for refined petroleum products in the region. We are so pleased to be able to share our extensive global experience with our local partners and look forward to working together.\u201d<br \/>\n\u00a0<br \/>\n\u00a0<strong>Economic impact<\/strong><br \/>\n\u00a0It is anticipated that the construction phase of the project will create approximately 110 to 130 contract jobs, with an average duration of 18 to 22 months. Approximately 21 operational jobs would be created once the facility is operational.\u00a0<br \/>\n\u00a0<br \/>\n<strong>\u00a0Regulatory approval<\/strong><br \/>\n\u00a0In order to construct the facility, environmental authorisation is required. Leading global sustainability consultancy ERM has been commissioned to independently conduct the Environmental Impact Assessment (EIA). ERM has submitted the Final Environmental Impact Report to the Western Cape Department of Environmental Affairs &amp; Development Planning for approval. Burgan is also required to obtain a licence from the National Energy Regulator of SA (NERSA) to establish the facility, for which it has applied.<br \/>\n<strong>\u00a0Ends<\/strong><br \/>\n\u00a0<br \/>\n\u00a0<strong>About Thebe Investment Corporation<\/strong><br \/>\n\u00a0Thebe Investment Corporation is an African investment management company which was founded in 1992 as a wholly-owned entity of the Batho-Batho Trust established by anti-apartheid stalwarts,<strong> Nelson Mandela, Walter Sisulu, Enos Mabuza, and Beyers Naud\u00e9.<\/strong><br \/>\n<strong>\u00a0<\/strong><br \/>\n\u00a0Thebe\u2019s founders established the company to promote socio-economic transformation through the economic participation of the previously marginalized South Africans. In this regard, Thebe is unique in the sense that it does not exist only to make a profit, but to drive community development through assisting communities to be actively involved in sustainable wealth creation.<br \/>\n\u00a0<br \/>\n\u00a0Thebe has a proud history of being an entrepreneurial wealth creator. Under the guidance of founding CEO and executive chairman, Vusi Khanyile, Thebe has grown an initial capital investment of R100,000 into an investment portfolio of assets worth over R6 billion.<br \/>\n\u00a0<br \/>\n\u00a0Thebe has grown its portfolio through either starting greenfield businesses and acquiring controlling or minority stakes in operating companies. Thebe successfully established South Africa\u2019s first regional airline SA Express, fuel retailer Tepco Petroleum, and commercial radio station Kaya FM. Tepco was later merged into Shell SA when Thebe bought a 25% stake in the petroleum company in 2002.<br \/>\n\u00a0<br \/>\n\u00a0To date, Thebe has made large acquisitions in blue-chip companies (both global and South African) such as Shell, Vodacom, Compass Group, Combined Motor Holdings, Altech Netstar, and Safripol.<br \/>\n\u00a0<br \/>\n\u00a0Thebe has a skilled team of investment professionals, which originates and executes transactions. Post transaction conclusion, the team actively partners with the investee companies to grow their market share in the industries they operate in. Thebe\u2019s community development initiatives are driven by the Thebe Foundation, an independent trust, whose focus areas are education and the promotion of enterprise development in previously disadvantaged communities.<br \/>\n\u00a0<br \/>\n\u00a0Through the foundation\u2019s intervention, thousands of learners in Mpumalanga, KwaZulu-Natal, and Eastern Cape are benefiting from the rollout of its programmes that seek to improve numeracy, literacy, maths and science skills. In Gauteng, about 120 SMME owners have gone through a 12-week business management course sponsored by the Thebe Foundation. The course is offered by the University of Johannesburg (UJ).<br \/>\n\u00a0<br \/>\n\u00a0The foundation also assigns Thebe executives to mentor the UJ graduates (entrepreneurs), who are given critical skills in growing their businesses. The foundation is also assisting some of the SMMEs to supply products and services to Thebe group of companies.<br \/>\n\u00a0<br \/>\n\u00a0Website: <a href=\"http:\/\/www.thebe.co.za\">www.thebe.co.za<\/a><br \/>\n\u00a0<br \/>\n\u00a0<br \/>\n\u00a0<strong>About Jicaro<\/strong><br \/>\n\u00a0Established in 2014, Jicaro is a 100% Broad-Based Black Economic Empowerment investment company which counts amongst its empowerment members women, youth and representatives from rural communities.\u00a0 The company has vast technical and commercial oil and gas experience.<br \/>\n\u00a0<br \/>\n\u00a0<strong>About VTTI<\/strong><br \/>\n\u00a0VTTI B.V. is a major player in the storage and terminal business created in 2006. A 50\/50 joint venture between the Vitol Group, one of the world\u2019s largest energy traders and MISC, the major Malaysian shipping company, VTTI owns and operates 11 terminals, offering a total capacity of 8 million cubic meters, across five continents.<br \/>\n\u00a0In 2014, VTTI B.V. formed VTTI Energy Partners LP (listed at the New York Stock Exchange, ticker \u201cVTTI\u201d). VTTI Energy Partners LP is a fee-based, growth-oriented limited partnership, created to own, operate, develop and acquire refined petroleum product and crude oil terminals, and related energy infrastructure. Initial assets comprise a broad-based portfolio consisting of six terminals from the VTTI portfolio that are strategically located in key energy hubs around the world. The investment in Burgan Cape Terminals announced today is not part of VTTI Energy Partners LP.<br \/>\n\u00a0VTTI operates according to the highest international Health, Safety and Environmental standards in the industry.<br \/>\n\u00a0<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>R650 million facility will ensure Western Cape has sufficient fuel to meet demand Cape Town, 18 September 2014 \u2013 Burgan Cape Terminals today announced an investment by Thebe Investment Corporation for the development of new fuel storage and distribution facilities earmarked for Cape Town Harbour. \u00a0 \u00a0Thebe Investment Corporation acquired 15% of Burgan Cape Terminals.\u00a0<\/p>\n","protected":false},"author":1,"featured_media":301,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"footnotes":""},"categories":[4,1],"tags":[],"class_list":["post-297","post","type-post","status-publish","format-image","has-post-thumbnail","hentry","category-divisions-associates","category-news","post_format-post-format-image"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - 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