In South Africa the Shell Oil Company and the National Empowerment Fund (NEF), an agency of the Department of Trade and Industry, have entered into a co-operative agreement as a result of Shell’s commitment to transform its retail business to reflect South Africa’s demographics. Through this partnership, a programme which facilitates access for black South Africans to own and operate Shell’s fuel service stations in a sustainable and successful manner will be implemented and is in line with Shell’s ground-breaking target of 40% black owned fuel service stations by 2017. The NEF will extend affordable loan funding for the benefit of black entrepreneurs who have been pre-approved by Shell to own and manage a retail service station. Once the selection and training process is complete, Shell will facilitate a retail site handover, which involves essential mentoring and support in the initial phases of the business operation. To date the NEF has invested a total R300 million for the purchase of 63 fuel service stations that are owned and managed by black entrepreneurs countrywide, and these support 1920 jobs. The NEF’s total funded portfolio exceeds R7.1 billion.
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