Namibian-owned Nasan Energies has completed the acquisition of 52 Shell and Engen-branded filling stations across Namibia in a transaction valued at an estimated $50 million, a landmark deal that has propelled the company to become the country’s third-largest oil marketing company.
The acquisition concludes a divestment process triggered by Vivo Energy’s takeover of Engen’s African operations, with Namibia’s competition regulator requiring the sale of selected retail fuel assets to maintain competition in the downstream petroleum sector.
Nasan Energies said more than 50 local and international firms expressed interest in acquiring the portfolio before it emerged as the successful bidder based on its financial capacity, technical expertise, and long-term vision for Namibia’s energy industry.
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The deal significantly expands the company’s footprint in the retail fuel market while increasing indigenous participation in a strategic sector of the economy.
Co-founder Miguel Hamutenya described the acquisition as a milestone not only for the company but also for locally owned African businesses.
“This is far more than the acquisition of service stations. This is about proving that indigenous African companies have the expertise, capital, and vision to own and grow strategic national assets. We believe Namibia’s economic future should increasingly be shaped by local entrepreneurs who create lasting value, invest in communities and build businesses that future generations can inherit with pride,” he said.
The company said all of its shareholders are under the age of 33, reflecting what it described as a new generation of entrepreneurs reshaping Namibia’s downstream petroleum industry.
Hamutenya returned to Namibia in 2016 to help build businesses under Millennium Investments, where fuel retail has become a major growth area. Through its subsidiary, Central Gas Namibia, the group already imports, distributes and retails liquefied petroleum gas after previously acquiring BP’s LPG assets in the country.
With regulatory approvals secured, Nasan Energies has assumed ownership and operational control of all the acquired service stations. Shell-branded sites are expected to be debranded immediately, while Engen-branded outlets will retain their branding during a transition period before gradually adopting the Nasan identity.
The company said it plans to deepen investment in its retail network, improve operational efficiency, accelerate digital innovation, strengthen workforce development and pursue strategic partnerships as it explores expansion opportunities across the region.
Nasan Energies said the long-term goal is to establish itself among Africa’s leading indigenous energy companies while supporting Namibia’s industrialisation and inclusive economic growth.
