Malaysian nationwide oil and fuel firm Petroliam Nasional Bhd. (Petronas) has accomplished the switch of its 74 p.c stake in Engen Ltd. to Vivo Vitality, which is now the foremost shareholder of Engen.
Petronas mentioned in a press launch that as a part of multinational firm Vitol and with a robust foothold in Africa’s vitality sector, Vivo Vitality is well-positioned to information Engen by its subsequent section of progress.
The Phembani Group, Petronas’ long-standing companion in Africa and Engen’s broad-based Black Financial Empowerment shareholder, will proceed as a shareholder in Engen alongside Vivo Vitality.
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Petronas mentioned it had initially acquired shares in Engen in 1996 and have become its majority shareholder in 1998.
Engen’s core enterprise focuses on the advertising of petroleum, lubricants, purposeful fluids and chemical compounds, in addition to retail comfort providers. Engen has round 1,300 service stations unfold throughout seven international locations in sub-Saharan Africa and islands within the Indian Ocean.
In one other improvement, Petronas along with its companions TotalEnergies EP Angola Block 20 and Sonangol Pesquisa e Produção SA (Sonangol P&P) reached a remaining funding choice (FID) to develop the Cameia and Golfinho fields in Block 20/11, positioned 62 miles (100 kilometers) offshore Angola.
Petronas holds a 40 p.c taking part curiosity within the block, the identical as operator TotalEnergies, whereas Sonangol P&P holds the remaining 20 p.c.
The undertaking will contain the conversion of a really massive crude provider right into a floating manufacturing storage and offloading unit, which will likely be related to the subsea manufacturing system. It would incorporate applied sciences to scale back greenhouse fuel emissions and will likely be designed to stop flaring by reinjecting related fuel again into the reservoirs, Petronas mentioned in a separate assertion.
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