Sacoil, the South African based independent African oil and gas company, said mid-March that it had acquired a 71% interest in Afric Oil Group, Engineering News informed.
The stake is controlled indirectly and was secured by the acquisition of Phembani Oil, one of the largest independent fuel distributors in South Africa.
As stated by Business Day, Afric Oil distributes more than 30m liters of fuel product a month to a diversified client base. A recent acquisition is expected to contribute with additional 16m liters per month of fuel products.
Sacoil’s CEO, Thabo Kgogo, stated that the acquisition was in line with the company’s strategy to become a fully integrated, pan-African industry player across the oil and gas value chain in Africa.
Following completion, the firm’s portfolio will consist of operated production activities in Egypt, exploration in Democratic Republic of Congo, Malawi and Botswana, a crude trading allocation with Nigerian National Petroleum Company (NNPC) and fuel distribution operations in Southern Africa.
Kgogo added that the acquisition of its first operational footprint in South Africa would also enable it “to play a meaningful role in the socioeconomic development of the country.”