Engen embraces Mauritian economy with acquisition

Wednesday, 02 February 2010

African downstream petroleum powerhouse Engen has given the Mauritian economy a massive vote of confidence with the official conclusion of an agreement to acquire Chevron’s interests in that country. As part of this deal the acquisition of Tanzania has also been completed this month.

Excited

Engen Mauritius MD Miss Joan Njoroge says Engen has met all local regulatory and legislative conditions for the acquisition and looks forward to welcoming all staff into Team Engen. “We are very excited about this deal and look forward to building up the business, harnessing the expertise and potential of all our staff, and contributing to the economy of this fantastic country.”

Wayne Hartmann, GM of Engen International Business Division (Engen IBD), says the broader Engen group has committed to supporting the affiliate with its vision for mutually beneficial regional growth.

“Engen combines a proud record of operational excellence and dynamism with a strong commitment to the economies, communities and environments in which we operate,” he says. “We are confident that our involvement will contribute meaningfully to the local economy.”

Existing presence

The Mauritian operation has a network of 28 retail service stations as well as commercial business relationships, aviation facilities and lubricant sales. Miss Joan Njoroge says Engen plans to embark on a complete re-imaging programme, involving local suppliers, as soon as is practically possible.

Besides the improvements and business integration that can be expected in the short to medium term, Miss Njoroge assures staff, motorists and business partners that the operation and retail network is business as usual. “The operation will carry on trading as a going concern; existing staff and relationships will be retained; and a supply plan is developed to ensure uninterrupted product and service supply.”

African vision

The acquisition is in line with Engen’s programme of mutually-beneficial sustainable growth opportunities in sub-Saharan Africa and the Indian Ocean Islands, where it has a footprint in 22 countries and export agreements to 30, says Nizam Salleh, MD and CEO of Engen Petroleum Limited.

“Our EPIC 2016 Vision for growth focuses exclusively on Sub Saharan Africa,” he explains. “This batch of acquisitions will bring our presence in the region to 22 countries. It is a massive stride forward in our programme for sustainable growth in the region that work to the common benefit of company, the countries involved and even the continent. The potential for development and growth here is enormous and we are very proud to be part of it,” he says.

The remaining countries in the acquisition deal with Chevron (known a Caltex in some countries) are Zimbabwe and Mozambique. The completion of these acquisitions are still subject to various regulatory and government approvals.

For further media enquiries please contact Engen Group Communications Manager Tania Landsberg on + (27) 83 393 3398 or email tania.landsberg@engenoil.com