Vivo Energy Investments BV, HQ.s in Amsterdan The Netherlands, has acquired assets of South African Engen Oil in nine African countries
Vivo Energy aims to outstretch its presence in African markets. Under the agreement, the new markets for Vivo Energy will include DR Congo, Kenya, Zimbabwe, Réunion, Zambia, Gabon, Rwanda, Mozambique, Tanzania and Malawi.
Vivo Energy is a joint venture between Vitol Group, a Dutch firm, and London-based Helios Investment Partners, an African private investment firm and owner of upstream oil assets in Turkana oilfields.
According to Vivo Energy, after the completion of the deal, nine new countries and more than 300 Engen-branded service stations are expected to be added to Vivo Energy’s network. With this, Vivo Energy’s total presence will reach to more than 2,100 service stations across 24 African markets, as reported by Business Daily Africa.
Engen Holdings will retain its interest in Engen Petroleum Limited and the company’s businesses in six other countries, such as Mauritius, Botswana, Ghana, Namibia, Swaziland and Lesotho, which are excluded from the transaction.
Vivo Energy is the operator of Engen’s Kenya operations. Vivo entered the Kenyan market in November 2012, after Shell sold 80 per cent of the downstream assets in 14 African countries including Kenya and Uganda.
“In our first six years our shareholders have invested to grow Vivo Energy, increasing our network from around 1,300 to more than 1,800 service stations and adding more than 400 new and refurbished shops and quick service restaurant offers,” said Christian Chammas, CEO of Vivo Energy, to the source.