Zimbabwe – Mozambique oil companies form Joint venture

The Zimbabwean Exor Petroleum and the Mozambican Petroleos de Mozambique (Petromoc) have formed a joint venture under the new name PetromocExor, and will begin the gradual re-branding of all Exor service stations to reflect the new brand. 

The capital contribution by Exor Petroleum 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.

Petromoc will contribute with both working capital and its vast technical capabilities. The new PetromocExor has a stock-holding capacity of 5 million liters.

The Chinese Shanghai Daily quotes the company’s general manager, Felizberto Guizemana as saying that priority would be given to the refurbishment and rebranding of service stations and new sites which would be completed in 12 months. Guizemana added:

“We are already working on refurbishing the Sunningdale (Boshoff Drive) 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 to Beitbridge highway”.

The PetromocExor general manager pointed to the strong historical ties between Mozambique and Zimbabwe, and predicted that the joint venture would be one of many success stories in the future of the two countries.

Guizemana said, ”Our vision is to stay as a household name in the energy sector through the merger,” and added that the company wishes to maximize revenue earning through capacity utilization of existing assets, and to expand business into other states of the 16-member Southern African Development Community. Nsnbc