Engen invests $7m in Zim

HARARE - Engen Holdings Zimbabwe Limited (Engen), which acquired Caltex and Chevron assets in the country in 2010, says it has invested over $7 million into the business.

Its managing director Cremion Mapfumba said the investment was towards bolstering the company’s retail network and strengthening its brand in the commercial, industrial and mining sectors.

“We shall continue focussing on further growth, building and harnessing the expertise and full potential of all our people as well as making a significant contribution to the country’s fiscus for the benefit of the Zimbabwean people,” he said.

Mapfumba noted that the investment included building long-term relationships with high quality retailers which strengthen the company’s brand in Zimbabwe.

The investment has also seen the African energy multinational fuel retailer growing its network from four sites in 2010 to 55 in 2014.

Overall business growth, said Mapfumba, had been a healthy 28 percent year-on-year over the last two years.

Engen is 51 percent owned by locals while the balance is owned by Engen Petroleum, a situation which allows the local unit access to world class standards which benefits Zimbabwe.

“While our investment aims to make Engen the leading fuel brand in Zimbabwe as well as develop additional growth opportunities across the downstream industry, it also signals Engen’s confidence in the country’s future success.”

“Such level of investment and growth demonstrates not only serious value addition but also underlines positive possibilities that manifest when momentum of focus and execution prevails,” said Mapfumba.

The investments are in line with Engen Petroleum’s objectives to be the oil company of choice in Sub-Saharan Africa and the Indian Ocean Islands by 2016.

The company currently operates in 18 countries and also has supplier-distributor arrangements in a number of others.

In addition to creating a number of entrepreneurial opportunities and downstream employment to hundreds of Zimbabweans, Engen is introducing a number of innovative products and services to the country.

Among these is the introduction of Engen Diesel 50, a high quality diesel product that contains significantly less sulphur than the standard diesel on the market.

According to petroleum experts, vehicles running on Diesel 50 have reduced exhaust emissions and soot formation — making it more environmentally friendly.

“We are very excited to be the first company in Zimbabwe to offer this environmentally friendly diesel in a significant scale,” said Mapfumba.

He added that while Engen Diesel 50 was now available at selected Engen service stations, the company’s sites, selected stockists were also offering Engen Dieselube 700 super and degreaser EF among others.

The Dieselube 700 super is a technologically advanced high performance multi-grade lubricant designed for the unique conditions of southern Africa.

Comments (2)

Could this be the Cremion who ganged up with his SA paymasters to frustrate an empowerment deal at BP Zim. Hats off he is doing such a splendid job for his masters and certainly enjoying being a perpetual employee

Upfumi - 16 October 2014

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