Nasan Energies has acquired 52 Engen and Shell-branded retail service stations in Namibia.
Namibia-based Nasan Energies, founded by the CEO of Millennium Investments, has completed the acquisition of 52 Engen and Shell-branded retail service stations across the country in a transaction with an enterprise value of $50 million (about R817m), marking one of the most significant transactions in the country's downstream petroleum sector.
The acquisition represents a defining moment for indigenous African ownership within a strategic industry and reinforces Namibia's vision of building a globally competitive economy led by local entrepreneurs, a statement from Nasan said on Monday.
The acquisition process began in 2023 following the announcement of the Vivo Energy and Engen merger, which created an opportunity for strategic investors to acquire selected retail assets. More than 50 local and international companies expressed interest in acquiring the portfolio.
Following a rigorous and competitive process, Nasan Energies was selected as the successful purchaser based on its proven financial capacity, technical expertise, and long-term strategic vision for Namibia's energy sector.
