Petroleum products supplier Gulfstream Energy and independent wholesaler Tipublox Petroleum have formed a new company, G&T Tsela, to focus on logistics within the South African fuel industry.
Gulfstream noted that, as one of the nine companies collectively awarded a R15.5-billion five-year fuel supply contract by Transnet at the end of 2013, it had committed to place 20% of its Transnet fuel delivery with an empowered fuel transporter.
“Delivering on its word, Gulfstream decided to take it one step further and create an entirely new entity in conjunction with Tipublox,” Gulfstream said on Monday.
G&T Tsela, which was equally owned by Gulfstream and Tipublox, would be responsible for delivering 20% of Gulfstream’s fuel allocation under the Transnet contract.
The equipment required by the new company to execute this contract would be funded by Gulfstream.
Meanwhile, Tipublox Petroleum FD Phenyo Ntshabele explained that, to date, Tipublox had been making use of Gulfstream’s logistics capability to ensure delivery of its own fuel orders; however, this new partnership would enable Tipublox to independently meet its logistics requirements.