PETRONAS has reached an agreement to sell its entire 74% interest in Engen Limited to Vivo Energy, one of the largest African fuel retail operators and part of multinational energy company Vitol.

“For almost three decades, Engen has been an important part of the Group’s business portfolio,” Petronas president and group chief executive officer Tengku Muhammad Taufik said.

“While our decision to step back and reshape our portfolio is driven by evolving business priorities, we fully appreciate Engen’s potential and acknowledge that this is a necessary move forward to further accelerate its growth.

“We believe Vivo Energy will not only maintain sound operations for Engen, but also help steer the company through its next phase of growth.

“We express our heartfelt gratitude to our Engen colleagues whose unwavering support has enabled us to achieve many milestones together, so we do hope to see them progress in their next phase of growth,” he added.

Petronas first acquired shares in Engen in 1996 and became its majority shareholder in 1998.

Engen’s primary business is in the marketing of petroleum, lubricants and functional fluids, chemicals and retail convenience services, with around 1,300 service stations across seven countries in sub-Saharan Africa and the Indian Ocean Islands.

The Phembani Group, Petronas’s long-standing partner in Africa and Engen’s broad based black economic empowerment shareholder, will remain a shareholder in Engen alongside Vivo Energy. – February 10, 2023.