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Engen Petroleum Limited and KenolKobil Limited, two key downstream
players in Africa have signed a sale and purchase agreement to jointly
acquire all the shares in Shell Zimbabwe (Private) Limited and BP
Zimbabwe (Private) Limited.
The acquired entities were previously operated by BP on behalf of
the joint venture which marketed under both the BP and Shell brands in
Zimbabwe. “With this transaction,” the spokesman said, “Engen and
KenolKobil have acquired the best developed assets in the oil industry
in Zimbabwe, consisting of more than 75 service stations spread across
the country, as well several depots, located in Harare, Bulawayo,
Mutare, Gweru and other major towns in Zimbabwe.
“Engen and KenolKobil are confident that in pooling the skills,
experience and knowledge that the companies have built up respectively
in Africa, they will be able to transform and grow the Zimbabwean
business, to become a catalyst in the recovery of the Zimbabwe economy.”
Jacob Segman, the group managing director and chairman of KenolKobil
Group, says the acquisition is in line with the group’s ‘Move South
Expansion Strategic Plan’, and that in accordance with its vision,
entry into Zimbabwe is a stepping stone as the company seeks to venture
into other countries in Southern Africa. Rashid Yusof, CEO and
managing director of Engen Petroleum Limited, says the venture
strengthens Engen’s existing interests in Zimbabwe and re-affirms the
confidence Engen has in the country’s future.
Yusof and Segman agree that cooperation between the two leading African
oil companies provides the required synergy and expertise to deliver
quality products and service to the people of Africa. “While Zimbabwe’s
economy has declined sharply over the last decade it still boasts good
infrastructure, and we believe that this will form the basis of renewed
economic growth under the new Government of National Unity,” Segman
continues. “Indeed, it is the intention of the new joint venture
to grow the business to at least its former levels of market
penetration under the Engen and KenolKobil brands. This will be done
with the full support and ongoing engagement of the current employees,
the Zimbabwean Government and other stakeholders.”
The agreement remains subject to a number of suspensive conditions,
including approvals by the relevant Zimbabwe authorities, an Engen
spokesman said.
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