EXOR Petroleum, one of the country’s indigenous oil companies has entered into a $9,3 million joint venture agreement with Mozambique oil giant Petroleos de Mocambique (Petromoc) to form a new company PetromocExor.
By Tarisai Mandizha Business Reporter
In response to an email from NewsDay PetromocExor said: “The deal is estimated to be worth $9,3 million, a due diligence is yet to be concluded.
“The company is indigenised and approved by the Zimbabwe Investment Authority and relevant authorities. Petromoc will hold 49% and Exor Petroleum 51%.”
PetromocExor’s general manager, Felizberto Guizemana said the joint venture between Exor and Petromoc, a quasi-government Mozambican company, would see the gradual rebranding of all Exor service stations to reflect the new PetromocExor brand.
Guizemana said the joint venture is expected to usher in a bright future, not only for the two brands, but for the oil industry and the country at large.
He said Exor Petroleum’s capital contribution to the new company includes 14 operational service stations, four ready-to-build sites, four operational holding depots and one ready-to-build depot site as well as commercial tanks across the country, while Petromoc will bring in working capital and vast technical capabilities.
Guizemana said priority would be given to the refurbishment and rebranding of service stations.
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New sites are expected to be completed within 12 months.
“We are already working on refurbishing the Sunningdale site and will move onto St Mary’s in Chitungwiza, Kamfinsa in Greendale, Bulawayo and later the Masvingo proposed petroport project situated on the Harare-Beitbridge highway,” he said.
