Nasan fuels up with 52-station deal
The Namibia Competition Commission approved Nasan Energies purchase of the Engen and Shell-branded sites from Vivo Energy Namibia Ltd and Engen NamibiA, marking one of the most significant shifts in ownership in the country's retail fuel market.
The transaction — registered as case 2025NOV0061MER — was approved with extensive conditions after the commission found it raised both competition and public interest concerns.
While the deal advanced local ownership and the participation of historically disadvantaged persons, the commission said it also posed risks of coordinated conduct arising from upstream supply relationships. To address those risks, Nasan Energies was prohibited for five years from sourcing petroleum products from Vitol and its affiliates, Vivo Energy's parent company, alongside anti-circumvention safeguards and mandatory disclosure, monitoring and reporting obligations.
Millennium Falcon Investments, owned by Miguel Hamutenya, holds a controlling 70% stake in Nasan Energies. The remaining 30% is held by Tobico Holdings, a family company comprising Kathy Tobias and her sons, Sean and Shiraz Tobias.
The acquisition follows Vivo Energy's 2024 purchase of Engen Limited from Petronas, which brought Engen Namibia's operations under its umbrella. The divestiture of the 52 stations forms part of Vivo's subsequent asset rationalisation.
The commission convened a stakeholder conference before issuing its decision, where members of the public and industry participants engaged on the proposed transaction. The process concluded with support for the acquisition.
Managing Director Jean-Blaise Ollomo said the company would now move to implement the deal.
"We are pleased about the outcome and remain committed to upholding international operational standards while meeting public expectations. The next steps will involve engaging with dealers and stakeholders to finalise implementation," Ollomo said.
Hamutenya confirmed that rebranding of the acquired service stations would begin at the end of March.
"We have invested heavily in this acquisition and have been awaiting confirmation from the Namibia Competition Commission to proceed. We look forward to maintaining service standards while increasing participation of local suppliers and service providers," he said.
The 52 stations comprise 18 company-owned sites, eight leased sites and 26 dealer-owned sites. Following the acquisition, Nasan Energies will operate 73 of Namibia's 266 fuel service stations, positioning it as the country's third-largest fuel retailer, behind Vivo Energy and Puma Energy.
The company said the deal formed part of its strategy to expand in a market historically dominated by multinational operators, with a focus on local participation, service delivery and operational growth. Nasan Energies is among the first privately owned local oil marketing companies in Namibia to scale operations to this level.
