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

PETRONAS President and Group Chief Executive Officer Datuk Tengku Muhammad Taufik said, “For almost three decades, Engen has been an important part of the Group’s business portfolio. Recognising the company's long and illustrious 140-year history, Engen's strength and capabilities have continued to grow as an award-winning, customer-focused market leader in South Africa. While PETRONAS’ decision to step back and reshape its 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. With a strong foundation in place, we believe Vivo Energy will not only maintain sound operations for Engen, but also help steer the company through its next phase of growth.

“It would be remiss of PETRONAS not to place on record 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. It currently operates the largest retail footprint with around 1,300 service stations across seven countries in sub-Saharan Africa and the Indian Ocean Islands.

The Phembani Group, PETRONAS’ long-standing partner in Africa and Engen’s Broad-Based Black Economic Empowerment (B-BBEE) shareholder, will remain a shareholder in Engen alongside Vivo Energy.

Engen will continue to execute on its strategy and remains focused on maintaining operational and commercial excellence both during the pre-completion period, and under the stewardship of Vivo Energy post-completion of this transaction.

PETRONAS was advised by Morgan Stanley and Rothschild & Co. The transaction is subject to customary conditions precedent including regulatory approvals.

About Petronas

Established in 1974, Petroliam Nasional Berhad (PETRONAS) is a global energy and solutions company, ranked amongst the largest corporations on Fortune Global 500®️. As an integrated global LNG producer with over 37 years of experience, PETRONAS provides an uninterrupted supply of LNG to more than 25 countries around the world. PETRONAS has safely delivered more than 11,000 cargoes globally, sourced from its portfolio of facilities located in Malaysia, Australia and Egypt. PETRONAS is also the first global energy player to introduce the floating LNG concept in 2016, the PFLNG SATU, and introduced its deep-water FLNG, the PFLNG DUA, in 2021.

About Engen

Engen in South Africa focuses on the downstream refined petroleum products market and related businesses. The company's core functions are the refining of crude oil, the marketing of our primary refined petroleum products and the provision of convenience services via our extensive retail network.

About Vivo Energy

Vivo Energy operates and markets its products in countries across North, West, East and Southern Africa. The Group has a network of over 2,000 service stations in 23 countries operating under the Shell and Engen brands and exports lubricants to a number of other African countries. Its retail offering includes fuels, lubricants, card services, shops, restaurants and other non-fuel services (e.g. oil change and car wash). It provides fuels, lubricants and liquefied petroleum gas (LPG) to business customers across a range of sectors including marine, mining, construction, power, transport and manufacturing. Jet fuel is sold to customers under the Vitol Aviation brand.

The Company employs around 2,700 people and has access to over 1,000,000 cubic metres of fuel storage capacity. The Group’s joint venture, Shell and Vivo Lubricants B.V., sources, blends, packages and supplies Shell-branded lubricants and has blending capacity per annum of around 158,000 metric tonnes at plants in six countries (Ghana, Guinea, Côte d’Ivoire, Kenya, Morocco and Tunisia).