The Zimbabwe Standard
Engen Snaps Up Shell’s Business In Zimbabwe
Business
Saturday, 12 July 2008 16:28
PETROLEUM products group Engen announced yesterday it had concluded a sale and purchase agreement to buy Shells downstream business interests in Lesotho and crisis-torn Zimbabwe, where Engen said it was taking a long-term view that the economy would recover.
Engens foray into Zimbabwe comes as that countrys political and economical outlook becomes even bleaker and after this weeks condemnation of the Harare government at the Group of Eight summit. The worlds richest countries have put pressure on the United Nations to tighten the noose on the Zimbabwean government through targeted sanctions.
The acquisitions, whose value was not given, come hot on the heels of another in Gabon, where Engen bought Shells interest in petroleum products and distribution company Pizo.
In December last year, the company also acquired Shells 60% interest in Shell DRC (Democratic Republic of Congo). Engen spokeswoman Tania Landsberg yesterday said the recent acquisitions were in support of the companys foray into the rest of Africa. “This is part of our strategy. Our focus is on sub-Saharan Africa. Africa is where our growth is,” Landsberg said. Engen has a presence in 17 African countries.
In Zimbabwe, Engen owned by Malaysian oil company Petronas (80%) and black economic empowerment group Worldwide Africa Investment Holdings (20%) would purchase Shells share in a joint venture with BP, Landsberg said.
She said the company acknowledged that the timing of the deal was sensitive. “We do not get involved in the politics,” she said. Engen had taken a long-term view of the Zimbabwean situation. “We believe that, in the long term, this is a good deal. We believe that Zimbabwe will recover,” she said.
Engen CEO Rashid Yusof said yesterday: “While Zimbabwes economy has declined sharply over the last decade, it still has good infrastructure which we believe will form the basis of renewed economic growth, once the current political situation is resolved.”
Engen said it already had seven retail sites in Lesotho and the acquisition would see the group capture 35% of that countrys market.
Landsberg said the group was not in a position to divulge the value of the acquisitions. “It is part of the confidentiality agreement with the seller,” she said.
Yusof said the deals were still subject to the approval of the respective countries governments “as well as other regulatory requirements”.
“Engen welcomes these investment opportunities. We have the utmost confidence in our future in both countries,” Yusof said.
Shell spokesman Dennis Matsane said yesterday there was nothing unusual about Shells exit from downstream markets in several countries. The deals were consistent with the multinationals “more upstream and profitable downstream” strategy. “We remain committed to Africa,” he said.
In its strategy, Shell has said it wants approximately 80% of its capital investment this year to be upstream in the exploration of oil and gas and oil sand projects. Business Day.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
