Vivo is one of the largest fuel retail operators in Africa and part of the multinational energy company Vitol.

Engen is engaged in the marketing of petroleum, lubricants and functional fuilds, chemicals and retail conveniences services, according to its website.

Petronas president and group CEO Tengku Muhammad Taufik Aziz said evolving business priorities had prompted the corporation to reshape its portfolio and that had led to the decision to sell its stake in Engen.

Petronas’ engagement with Engen began in 1996 when it first bought shares in the company. Two years later, it became the majority shareholder of Engen.

Engen now operates the largest retail footprint in Africa with around 1,300 service stations spread across seven countries in sub-Saharan Africa and the Indian Ocean islands, according to a statement issued by Petronas today.

Petronas said the Phembani Group, its long-standing partner in Africa and a broad-based black economic empowerment shareholder of Engen, will remain a major shareholder in Engen along with Vivo Energy.