Windhoek: Nasan Energies on Monday announced that it has acquired 52 Engen and Shell-branded service stations across Namibia in a deal valued at an estimated US$50 million, making it the country's third-largest oil marketing company (OMC).

According to Namibia Press Agency, the acquisition follows the merger between Vivo Energy and Engen, which prompted the sale of selected retail assets. More than 50 local and international companies expressed interest in acquiring the portfolio. Nasan was chosen based on its financial capacity, technical expertise, and long-term vision for Namibia's downstream petroleum sector.

Millennium Investments Group Chief Executive Officer (CEO) and founder of Nasan Energies, Miguel Hamutenya, stated that the acquisition marks a significant step towards increasing indigenous African ownership in Namibia's strategic energy industry. Hamutenya emphasized that the transaction goes beyond merely acquiring service stations and demonstrates that local companies have the capacity to own and develop strategic national assets.

"This is about proving that indigenous African companies have the expertise, capital, and vision to own and grow strategic national assets," he said.

Nasan Energies aims to become Namibia's leading oil marketing company through continued investment in its retail network, operational excellence, digital innovation, workforce development, and strategic partnerships. Through its subsidiary Central Gas Namibia, Millennium Investments Group is the country's leading bulk importer, distributor, and retailer of liquefied petroleum gas (LPG).

The company also indicated plans to explore regional expansion opportunities while supporting Namibia's industrialisation and economic development goals. The statement highlighted that all of its shareholders are under the age of 33, reflecting a focus on promoting youth participation in the economy.