BROAD-BASED BLACK ECONOMIC EMPOWERMENT
In March 2013 FFS Refiners achieved a Level 3 B-BBEE Rating.
(Click link here to view our latest B-BBEE Certificate).
FFS subscribes to the need to actively promote the empowerment of the previously disadvantaged and to assist in bringing them into the mainstream economy. This commitment is set out in our B-BBEE Policy document (clink link here). The Company’s efforts have been directed in three main areas.
OWNERSHIP: On 28 February 2013 FFS Calpet (a Broad-Based Black Empowerment Company) secured a 100% shareholding in FFS Refiners. As FFS Calpet have other shareholders, this means that FFS are effectively more than 50% Black-owned.
PROCUREMENT: FFS are on a continuous drive to foster and promote B-BBEE supply companies. All our suppliers are encouraged to download our B-BBEE Assessment Form (clink link here), fill in the details and submit the completed form to us at firstname.lastname@example.org. Companies meeting the criteria of a B-BBEE status can then apply for special consideration in relation to their account with FFS and the settlement thereof.
ENTERPRISE DEVELOPMENT: FFS offer mentoring and transfer of skills to certain Black-owned enterprises, with favourable finance terms to assist in their growth and viability.
Nkosi Energy (Pty) Limited was established in 2006 in the Western Cape, when FFS assisted the previously disadvantaged owners of WAB Investments to enter the industrial fuel oil market. A supply agreement was signed whereby FFS would purchase certain oil products from Nkosi Energy in a manner that would not require any working capital from them. FFS also provided offices for Nkosi Energy and transferred the necessary skills to enable effective technical marketing of industrial heating fuels.
eAfrica Carriers is a transport company operating within the petroleum sector. It is a 100% Black-owned small enterprise with a B-BEEE Level 1 rating. In 2012, FFS presented eAfrica Carriers with two new tanker rigs. The aim of the initiative was to assist eAfrica in the development and sustainability of its business, with the ultimate goal being financial and operational independence.
Kandy Naidoo, (left) CEO of eAfrica Carriers, and Don Hunter, MD of FFS Refiners, shake on the B-BBEE deal which benefitted both parties.