With the transaction completed, Vivo Energy will be Engen’s new major shareholder.

“As a subsidiary of the multinational parent company, Vitol, and with a strong foothold in Africa’s energy sector, Vivo Energy possesses extensive experience in Africa’s energy sector, while allowing it to effectively guide Engen through its forthcoming growth phase.

The Phembani Group, Petronas’ long-standing partner in Africa and Engen’s Broad-Based Black Economic Empowerment shareholder will remain a shareholder in Engen alongside Vivo Energy, it said in a statement.

Petronas first acquired shares in Engen in 1996 and became its majority shareholder in 1998.

Africa-based energy group, Engen, primarily operates the marketing of petroleum, lubricants, functional fluids, chemicals, and retail convenience services.

The company is known for its large retail footprint, comprising around 1,300 service stations across seven countries in sub-Saharan Africa and the Indian Ocean Islands.