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Petromoc: Vitol, Gunvor eye Mozambique fuel distributor privatisation – report
12:35 CAT | 07 Jun 2017
Oil News Kenya (File photo)
Global oil traders Vitol and Gunvor are interested in buying Mozambique’s struggling state-owned fuel distributor Petromoc, local media reported on Wednesday.
An executive at Switzerland-based Gunvor and a senior investment manager at Vitol told Zitamar News, a Maputo-based news website, they are interested in the cash-strapped firm.
Petromac has struggled to reliably supply Mozambique with fuel due to cash shortages and the government has warned it is among the state institutions that pose a risk to the southeast African country’s financial stability.
Fuel distributors operating in Mozambique include France’s Total, Portugal’s Galp and BP. Petromac holds around 40 percent of the distribution market.
Mozambique, which has a population of 28 million, is trying to win back budgetary support from the International Monetary Fund and Western donors after they cut aid last year amid a $2 billion hidden debt scandal.
Mozambique received a boost last week when Italian energy company Eni signed an $8 billion deal to develop a huge offshore gas field.
Source: Reuters
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