Engen Buys Shell's Interest in Zimbabwe & Lesotho
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Tuesday, 15 July 2008 |
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Following its acquisition of Shell Petroleum Company¹s downstream
petroleum business in Gabon, South Africa¹s Engen Petroleum Ltd. has
announced that it will be buying up Shell¹s downstream business
interests in Lesotho and Zimbabwe.
The sale and purchase
agreements were signed recently. Rashid Yusof, CEO and Managing
Director of Engen said that the deals are subject to approval from the
countries¹ governments and central banks, as
well as other regulatory requirements.
In the case of Zimbabwe, the deal is also subject to pre-emptive rights. BP is partnered with Shell in Zimbabwe
and the UK company has pre-emptive rights to the assets. ' Engen
welcomes these investment opportunities. We have the utmost confidence
in our future in both countries.' Yusof added.
Engen already has interests in Lesotho, and the acquisition will
see it secure 35% of the market. 'While Zimbabwe¹s economy has
declined sharply over the last decade, it still has good infrastructure
which we believe will form the basis of renewed economic growth, once
the current political situation is resolved,'Yusof said.
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