Nasan Energies has acquired 52 Shell and Engen-branded filling stations across Namibia in a deal estimated at $50m, becoming the country’s third-largest oil marketing company.
In a statement, it was stated that the acquisition followed the merger between Vivo Energy and Engen, which created an opportunity for investors to acquire selected retail assets. According to the company, more than 50 local and international firms expressed interest in the portfolio before Nasan Energies emerged as the successful bidder.
The company said it was selected based on its financial capacity, technical expertise, and long-term strategy for Namibia’s downstream petroleum sector.
The transaction is expected to strengthen indigenous participation in Namibia’s downstream oil industry while expanding Nasan Energies’ footprint in the country’s retail fuel market.
The company’s founder and director, Miguel Hamutenya, said the acquisition was aimed at demonstrating the capacity of local firms to own and manage strategic assets. Related News Universal Insurance urges stronger oil-insurance synergy NIPCO declares N1.5bn dividend, targets gas sector expansion Lagos launches clean energy contest for secondary schools
