Namibian-owned Nasan Energies has completed the acquisition of 52 Engen and Shell-branded service stations in a transaction valued at approximately US$50 million. The deal makes Nasan Energies Namibia’s third-largest oil marketing company and positions it among Southern Africa’s fastest-growing fuel retailers.
The acquisition is one of the largest transactions in Namibia’s downstream petroleum sector and represents a milestone for indigenous African ownership in the strategic energy industry. It follows the 2023 merger of Vivo Energy and Engen, which created an opportunity for investors to acquire selected retail assets. More than 50 local and international companies expressed interest before Nasan Energies was selected through a competitive process based on its financial strength, technical expertise and long-term vision.
Nasan Energies founder and Millennium Investments Group CEO Miguel Hamutenya said the acquisition goes beyond expanding the company’s business, describing it as evidence that indigenous African companies can own and develop strategic national assets.
Founded by Hamutenya, 33,Nasan Energies is backed entirely by shareholders under the age of 33, highlighting its focus on youth participation in the economy. Hamutenya previously helped expand Millennium Investments’ downstream energy interests, including Central Gas Namibia, which operates in LPG importation, distribution and retail.Looking ahead, Nasan Energies plans to invest in its retail network, digital innovation, workforce development and strategic partnerships. The company aims to become Namibia’s leading oil marketing company while contributing to energy security, local ownership and inclusive economic development, with ambitions to expand into regional markets. .
SOURCE | NASAN