Astron Energy Launches R220 million Development Fund
Astron Energy Launches R220 million Development Fund. Fuel giant Astron Energy has announced a R220 million development fund to empower small businesses in the Astron Energy value chain and its linked communities.
CEO Thabiet Booley hailed the Astron Energy Development Fund (AEDF) as a “milestone in our transformation journey as an organisation”. Astron Energy operates the second largest petroleum retail network in South Africa with over 800 retail service stations which are in the process of being rebranded to Astron Energy. The company recently completed the rebranding of its 24th site as it continues with the mammoth project.
“This has been an incredibly exciting year for Astron Energy as we launched the roll-out of our new brand across the country, while our refinery in Milnerton is in the process of being restarted,” Booley said. “The launch of the AEDF is the next major step for us as a company which is committed to making a meaningful difference in the communities in which we operate.”
According to Booley, the AEDF was established in line with commitments made to the Department of Trade Industry and Competition. Astron Energy recently achieved Level 1 BBBEE for the fourth straight year, but Booley said the company’s aims extended far beyond transformation scorecards. “For us, this is about seeking to create sustainable and meaningful change and prosperity for small businesses in the Astron Energy value chain and in under-resourced communities around our facilities. “We understand that the micro, small and medium-sized enterprise (SMME) sector is crucial to economic growth, job creation and shared prosperity in South Africa and we are committed to playing our role in this regard,” he added.
According to Debbie Parker, Head of the AEDF, the aim of the Fund is to support the establishment and/or growth of existing or potential local SMMEs that will create employment as they grow. The AEDF also supports inclusive economic growth and employment through the development of digital and business skills for unemployed youth and by developing high school students to become ethical and economically independent leaders of tomorrow.
