KUALA LUMPUR, Feb 10 (Bernama) — 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.