Oryxoil and Gas buys Engen Uganda for US$16.8 million

In line with Oryxoil and Gas’ intention to expand its downstream energy offering in sub- Saharan Africa, the company will take over 10 Engen Uganda Ltd. service stations and rebrand them as Oryx. A subsidiary of Switzerland’s Addax and Oryx Group Ltd., Oryxoil has paid US$16.8 million for the purchase of Engen Uganda Ltd., according to reports.
The share buying deal has been completed, but details of the agreement have not been made available. However, the Share Purchase Agreement (SPA) still needs approval from the register of companies.
Engen started operating in Uganda in 2003. Last year, the company announced that it was restructuring its African operations and that it would close its Uganda unit. Sources said lack of supply synergy could have contributed to Engen Uganda’s failure.
The Addax and Oryx Group Ltd., through its subsidiaries, operates in crude oil trading, petroleum upstream and downstream, mining, bioenergy and real estate sectors. The company exports crude oil to refineries in Africa, Europe, North America, and Asia and imports gasoline, gasoil, and jet fuel. It also focuses on the petroleum sector in Africa and the Middle East. (January 1, 2013)