Global oil traders Vitol and Gunvor are interested in purchasing Mozambique’s struggling national fuel distributor company Petromac, Reuters reported.
An Executive at Switzerland-based Gunvor and a Senior Investment Manager at Vitol revealed to Zitamar News that they are interested in the cash-strapped firm,according to Hydrocarbon Processing.
Petromac has struggled to reliably supply Mozambique with fuel due to cash shortages.
Petromac holds around 40% of the Mozambican distribution market. The remaining 60% of the distribution market is operated by fuel distributor companies which include France’s Total, Portugal’s Galp and UK’s BP.
Mozambique, which has a population of 28m, is trying to win back budgetary support from the International Monetary Fund (IMF) and from Western donors after they had cut aid last year amid a $2b hidden debt scandal.
The southern African country received a boost last week when Italian energy company Eni has signed an $8b deal that aims to develop a huge offshore gas field.