Vitol, Gunvor to Acquire Petromac in Mozambique

Vitol, Gunvor to Acquire Petromac in Mozambique

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.


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