Engen take Total interests in Rwanda, Burundi, G.Bissau (Update)

According to local reports the sale and purchase agreements signed between the two companies, Engen will take over Total’s entire shareholding in its downstream businesses in Rwanda, operating under the name Total Rwanda SARL. Engen will also take control of Total’s 100% shares in Total Burundi, 85.11% shares in Total Guinea-Bissau and 50% interest in Aero Services SARL, a Total’s interest in the Aviation business in Guinea Bissau.

PetrolWorld first reported the above in July 2008.  PetrolWorld also reported that Engen announced finalising acquisition of Shell Petroleum Company Limited’s downstream business in Lesotho. With intense interests in Lesotho, the deal is expected to push Engen’s market share up to 34% in the country.

“We see this as another solid step in our expansion. Engen has returned profits in every country where it has operations in sub-Saharan Africa and our outlook is positive for these three countries. They are experiencing good GDP growth and relatively low inflation rates, which bodes well,” Engen’s Managing Director and Chief Executive Officer, Mr. Rashid Yusof said in the statement.

Engen is reported to have said  that subject to the necessary approvals and pending business interrogation, the signed deals in the three countries will be finalised before the end of 2008.

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