Namibian-owned energy company Nasan Energies has strengthened its position in the country’s downstream petroleum industry after completing the acquisition of 52 Engen and Shell-branded retail service stations in a deal valued at R817 million ($50 million).

The transaction represents one of Namibia’s largest fuel retail deals in recent years, accelerating the rise of local ownership in a sector traditionally dominated by multinational energy companies.

The acquisition transforms Nasan Energies into Namibia’s third-largest oil marketing company and places the company among Southern Africa’s fastest-growing fuel retailers.

Strategic expansion reshapes Namibia’s fuel industry

The acquisition follows a competitive process that began in 2023 after the merger between Vivo Energy and Engen Limited created an opportunity to sell selected retail assets.

More than 50 local and international investors competed for the portfolio before Nasan Energies was selected based on its financial strength, technical capability and long-term strategy for Namibia’s energy market.

The company said the investment supports Namibia’s ambition to develop a globally competitive economy driven by indigenous businesses.

Backed by Millennium Investments and Tobico Holdings, Nasan Energies was founded by Miguel Hamutenya, who serves as chairman, alongside the Tobias family. Industry executive Jean-Blaise Ollomo leads the company as managing director.

New chapter for African energy ownership

The deal was also shaped by regulatory requirements following Vivo Energy’s takeover of Engen. The Namibian Competition Commission required the divestment of selected retail assets to prevent excessive market concentration.

Nasan Energies emerged as the successful bidder and is now transitioning the acquired Engen and Shell-branded stations into its own national retail network.

The company plans to invest further in operational improvements, customer services and infrastructure upgrades as it targets leadership in Namibia’s fuel retail sector.

Building Namibia’s next energy champion

The acquisition comes as African countries increasingly focus on strengthening domestic participation in strategic industries, including oil, gas and fuel distribution.

With a larger retail footprint and expanded market presence, Nasan Energies aims to become a leading indigenous energy company while supporting Namibia’s broader economic development goals.

The company’s expansion highlights the growing role of African-owned businesses in reshaping the continent’s energy landscape and competing in industries once controlled mainly by international players.