Vivo Energy, owned by global commodities trader Vitol, will invest an initial R10-billion in its South African operations following its merger with Engen, South Africa's trade minister Ebrahim Patel said on Wednesday. The investment is part of a range of public interest and competition commitments, designed to prevent job losses and continue supply contracts with local refineries, that domestic regulators sought when the merger was considered.
Engen - Engen and Vivo Energy combination euro-petrole.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from euro-petrole.com Daily Mail and Mail on Sunday newspapers.
·· Combined Group spans over 3,900 service stations, and more than two billion litres of storage capacity across 28 African markets ·· Significant capital expenditure committed to maintain and grow Engen’s operations in South Africa and make investments to help transform the economy
Engen and Vivo Energy have announced the completion of the transaction to combine these respective businesses, with Petronas selling its 74% shareholding in Engen to Vivo Energy. In the announcement made today, the parties said this transaction was creating a pan-African energy champion. The combined Vivo Energy Group now has over 3 900 service stations, and more than two billion litres of storage capacity across 28 African markets. In a joint statement, Vivo Energy Group CEO Stan Mittelman, and