Shell has exited the Kenyan market after completion of a takeover of its Kenyan operations by Dutch firm Vitol Group and African capital investment group Helios Investment Partners
Following the deal, all oil outlets of Shell in Kenya will be rebranded as Vivo Energy.
Vitol Group and Helios Investment Partners have also revealed plans to take over the entire distribution chain of all Shell-branded fuel and lubricant facilities in Africa.
The acquisition, when completed, will be a culmination of the negotiations between the parties first announced in early 2012. As part of the arrangement, the two partners expressed an intention to take over the entire Shell business in downstream oil dealings across the continent.
According to Vivo Energy CEO Christian Chammas, the deal was sealed in November 2012 and the announcement will be followed by the physical rebranding of the outlets.
The new shareholding structure in the venture will see Vitos and Helios each taking a 40 per cent stake while Shell will be left with 20 per cent in the company now trading as Vivo Energy.
Vivo Energy CEO Christian Chammas said, “We are happy to realise the dream of serving the African market. Customers can expect even better and cutting-edge products with the revamped effort.”
