Vitol buys back African fuel business Vivo in £1.8bn deal


Vitol, an independent oil retailer around the world, is bringing its future oil business to Africa with a focus on Africa through a $ 1.8bn deal.

The trading company has entered into a 64 per cent acquisition agreement with Vivo Energy with no investment of 139p, as it seeks out growing markets for its large oil business.

Vivo said it was planning to do so. Shares in the FTSE 250 company rose 19 percent to 132.8p. Advertisers will also receive a share of 6 cents

“Oil distribution and marketing in Africa remains a major function of Vitol Group,” the company said. “Vivo will benefit from Vitol’s expertise and have the opportunity to gain access to a highly diversified market.”

Vivo has approximately 2,400 network service points in more than 20 African countries that sell Shell and Engen crude oil and gas.

It was created from the African trading business Shell in 2011. Vitol, the business group Helios Investment Partners and Shell used the company as a partnership before the two shares bought Shell for $ 250m in 2016.

The company floated three years ago in London at 165p in part with Vitol selling for more than £ 300m. Earlier this month, Vivo chief executive Christian Chammas announced his intention to resign in 2022.

Voting notes published Thursday showed that Vitol offered a share of 113p in February but that was rejected by the Vivo board. It then offered another opportunity in September and told the company that Helios had agreed to sell its share of 27.1%.

Since Vitol already owns 36 percent of the company and manages most of its shares through a partnership with Helios, Vivo decided to initiate negotiations with the aim of negotiating a “sufficient price for the minority”.

Vivo chairman John Daly said a close 19 percent increase in Vitol’s contribution was “a positive result for all concerned”.

Trafigura, one of Vitol’s main competitors, recently regained control of its upcoming Puma Energy business.

Vitol is the world’s largest oil producer, carrying more than 7m barrels per day for oil-free and refined materials.

The company and its competitors were among the biggest winners of last year that led to the epidemic damage to the oil price.

Vitol also said that $ 3.2bn, up from $ 2.3bn in 2019, to $ 140bn, which has done very well since the company was founded 50 years ago. It also donated $ 2.9bn to about 400 friends.

The company has spent $ 1bn on US shale assets this year and has teamed up with Pakistani oil retailer Murtaza Lakhani buy 5 percent at Vostok Oil, a major Arctic oil project developed by the Russian oil company Rosneft.

But Vitol is also investing in renewable energy as the country deviates from fossil fuels. It has contributed more than $ 1.1bn to projects and has more than a gigawatt of renewable energy. Vitol also has oil and gas activity in deep water off the coast of Ghana.


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