NewsSouthern AfricaVitol, Gunvor eye Mozambique fuel distributor privatisation: report

Sat,18Nov2017

Posted on Wednesday, 07 June 2017 09:16

Vitol, Gunvor eye Mozambique fuel distributor privatisation: report

By Reuters

07062017MozambiqueGlobal oil traders Vitol and Gunvor are interested in buying Mozambique's struggling state-owned fuel distributor Petromac, 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.

Win back support

Fuel distributors operating in Mozambique include France's Total, Portugal's Galp and BP.

Petromac holds around 40% 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 bn hidden debt scandal.

Mozambique received a boost last week when Italian energy company Eni signed an $8 bn deal to develop a huge offshore gas field.

 



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