R7,9 million to fuel black economic participation in the Northern Cape
Desert Oil is a fuel branding and marketing company. The company came about as a result of Chevron divesting in retailing in the industry in line with applicable regulations.
The company began its operations in March 2010 before securing full funding. The assets acquired include supply agreements for 28 sites, pumps and tanks on all sites, and land and buildings for four sites.
The entrepreneurs are strong individuals with 40 years’ collective experience in the industry, indicating firm commitment to the transaction through a R2 million own contribution, and two of the three directors moving from the Western Cape to the Northern Cape in compliance with the NEF’s requirement for direct operational involvement.