Vivo Energy acquires majority shares in Shell Ghana
VIVO Energy, the company formed by Vitol, Helios Investment Partners and Shell to distribute and market Shell- branded fuels and lubricants across Africa, has acquired majority shareholding in Shell Ghana Limited.
Advertisement
The company to be renamed Vivo Energy Ghana, will be headed by Mr Fred Osoro as Managing Director.
A statement said he would take over from Mr Vincent Richter, the former acting Managing Director.
Mr Osoro has 20 years’ experience in the energy industry during which he held various management and marketing positions for Esso, Mobil and Engen, including those of managing director of Engen Ghana and Nigeria.
His appointment to the board will be formalised at the next board meeting.
Mr Christian Chammas, CEO of Vivo Energy, said “Ghana is an important market and a growing economy which is set to benefit from significant developments in the energy sector. We are acquiring a business with great potential.”
With a long history in Ghana, a high calibre workforce and a large and diversified customer base, Vivo Energy is looking forward to serving Ghanaian customers and investing in the business to ensure it realises its full potential under Fred Osoro’s leadership.”
The Shell brand has been in Ghana for 85 years and has been the leading marketer of fuels and lubricants. Vivo Energy Ghana has a storage capacity of 8,300m³ and 124 retail stations with the majority offering Shell cards and convenience retail stores.
Over the years, the company had expanded its portfolio by acquiring Texaco in 1988. Vivo Energy Ghana employs 134 people, but the business provides indirect employment to over 1,000 people. The company is recognised as the leader in the oil industry, especially championing and setting standards for safety in sales and distribution.
This is the latest development in a venture initially announced in February, 2011. It brings to 15 the number of African markets in which Vivo Energy has presence.