A group of young entrepreneurs under 33 years old now owns 52 filling stations across Namibia after buying them from Shell and Engen.
The deal, worth about $50 million, makes their company the third-largest fuel seller in the country.
Nasan Energies got the stations after more than 50 other companies showed interest in buying them. The owners were chosen because they had enough money, technical know-how and clear plans for Namibia’s fuel industry.
The company’s founder, Miguel Hamutenya aged 33, said this purchase proves that local businesses can manage important national assets. He returned to Namibia in 2016 to work with his father in building their business group.
The company already imports and sells cooking gas through another branch and had earlier bought BP’s gas operations in the country.
The new owners plan to improve their stations, use new technology and train workers better. They also want to expand to other African countries in the future.
This purchase increases local ownership in Namibia’s fuel market as the country works toward greater economic independence.
