Oryx Energies proves its commitment to the transformation agenda in South Africa

4 March 2014

Oryx Energies is proud to announce that it has been granted a Level 2 Broad-Based Black Economic Empowerment (BBBEE) contributor status in South Africa, proving its commitment to the country’s transformation agenda, which aims to address the inequalities of the past.

South Africa’s BBBEE Act aims to advance economic transformation and to enhance the economic participation of “black” individuals within the South African economy. In South Africa, the term “black” is used as a generic term to refer to Black, Indian, Coloured and Chinese citizens.

Oryx Energies achieved exceptional scores throughout the verification process to attain an overall Level 2 scorecard, coming just behind the top level that requires 100% black ownership, as well as achieving Level 1 contributor status in equity ownership, employment equity, skills and enterprise development. These scores confirm our commitment to the socio-economic transformation of South Africa.

The ability to do business in South Africa is greatly influenced by a company’s BBBEE score, which ranges from Level 1 to Level 8. A higher ranked BBBEE scorecard provides a competitive advantage, determining for example a company's ability to obtain an operating or distribution license. Companies measure their BBBEE performance on an annual basis.

Oryx Energies completed the acquisition of BP’s LPG business in South Africa in August 2013, as part of its strategy of developing LPG as a cleaner, more affordable and ecological energy alternative across sub-Saharan Africa. We are investing strongly in South Africa to develop the business in response to the unmet needs of large parts of the country's population. Our Level 2 BBBEE scorecard is a key step towards enabling us to respond to the demand of both consumers and industry across the country.