THE fuel sector has been identified as one offering promising prospects as it has continued to show growth despite the economic slowdown, the National Empowerment Fund’s (NEF’s) Moemise Motsepe says.In an effort to boost the participation of black entrepreneurs in the liquid fuel industry, the NEF has already assisted in the acquisition of 77 petrol station franchises, many run by women.The fund is engaged in negotiations with major oil companies including Shell, Engen and Total to expand their participation in the project to promote black entrepreneurs in the sector on the same basis of its current agreement with BP.The talks with the oil companies are also focused on expanding black participation in fuel storage, fuel wholesaling and supply as well as in management.Franchising is regarded by the fund as a suitable vehicle for black entrepreneurship as the franchisor normally offers a range of support such as training and entrepreneurial assistance.The NEF has used R709m to fund th...
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