Masana Petroleum Solutions, which sells diesel, bitumen and chemicals to the commercial and industrial sectors, wants to grow its business within its existing market, MD Abhay Raichoora says.Masana, which earned sales revenue of R9.6bn last year, was spun out of global oil major BP SA 11 years ago. BP SA retains a 50.5% stake, with another 35% held by black empowerment shareholders and 14.5% by an employees’ trust.Major oil companies are under pressure to increase their black ownership levels after slow progress in the past decade.Earlier this year Masana’s two black shareholders, WDB Investment Holdings (WDBIH) and the Mineworkers Investment Company (MIC), sold their shares back to Masana at a price based on independent valuation.Though last year’s oil price hit multiyear lows, apparently making it a bad time to exit, Raichoora says for a wholesale marketing company, a low oil price stimulates business as it makes its products cheaper.The exit of WDBIH and MIC was followed by the c...
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