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Engen expands into Africa

7 Sep 2010

Engen Petroleum, a South African petroleum marketing company has signed Share Purchase Agreements for Chevron's downstream interests in seven countries in sub-Saharan Africa and the Indian Ocean Islands.

The deal involves the acquisition of 100% of Chevron downstream marketing companies in Zambia, Malawi, Tanzania, Mauritius, Reunion and Zimbabwe, as well as the assets of Chevron in Mozambique. This is subject to the various government and regulatory approvals in each country, but is expected to be finalised shortly.

Extending investments

The last four years have seen Engen acquire downstream interests from other international oil marketing companies in Burundi, DRC, Gabon, Guinea Bissau, Lesotho and Rwanda.

It is Engen's intention that all employees will retain their positions.

"This is a wonderful opportunity to extend our investments in line with our growth objectives. We are committed to the companies involved and the people and believe they will be instrumental in our success - we are positive about the prospects for growth and development," says Nizam Salleh, MD and CEO of Engen Petroleum.

"This is a significant investment and we expect the transaction will contribute in excess of 500 million litres a year towards our vision to be a 'Champion in Africa' by 2016," says Salleh.