Singapore-based Petredec, one of the world’s biggest traders, providers and distributors of liquefied petroleum gas (LPG), has acquired Quest Petroleum, a fuels distributor and retailer in the Eastern Cape.
This is Petredec’s third acquisition in South Africa’s liquid fuels and gas sector in the last 18 months. In addition, the group partnered with Bidvest Tank Terminals to build a R1-billion LPG storage facility at Richards Bay, which was commissioned last October.
According to Lee Furby, MD of Petredec SA, the group sees potential for growth in South Africa and the region. This is despite the poor state of SA’s economy and the fact that energy demand from the transport sector is expected to grow at less than half the rate of the previous 20 years, as improvements in vehicle efficiency accelerate.