Namibians Take Control of 52 Fuel Stations in Major Energy Deal

Namibia's downstream petroleum sector has entered a new phase after Nasan Energies completed the purchase of 52 Engen and Shell-branded service stations in a deal valued at about US$50 million. The acquisition followed a competitive sale process that began in 2023 after the Vivo Energy and Engen merger. It places a company owned entirely by young Namibians among the country's biggest fuel marketers and strengthens local ownership in a strategic industry that supports transport, businesses and economic activity.

The sale is important because it shifts ownership of a large retail fuel network to an indigenous African company at a time when Namibia is working to build stronger local businesses. More than 50 local and international firms sought the assets, yet Nasan Energies secured the portfolio after showing strong financial capacity, technical ability and a long-term business plan.

The transaction also reflects changes taking place in Namibia's energy market. Large corporate mergers often create opportunities for new investors to enter the sector. In this case, the merger between Vivo Energy and Engen opened the door for new ownership of selected retail stations, giving local investors a chance to expand their presence.

Youth-led ownership reshapes fuel retail

The acquisition lifts Nasan Energies to the position of Namibia's third-largest oil marketing company. The company now controls a much larger retail network and plans to expand its presence through investment, better operations, digital services, staff training and new partnerships.

One feature that sets the company apart is the age of its owners. Every shareholder is under 33 years old, making the business an example of youth participation in a sector that has traditionally been dominated by larger and older corporate players.

The company is led by 33-year-old Miguel Hamutenya, founder and director of Nasan Energies and Group Chief Executive Officer of Millennium Investments. He studied business administration at BI Norwegian Business School in Oslo, corporate finance at the European School of Economics in London and is pursuing a master's degree in energy and sustainability.

Hamutenya returned to Namibia in 2016 to help build businesses focused on long-term economic value. Since then, he has helped expand Millennium Investments' downstream energy operations, with fuel retail becoming one of its major business areas.

Expansion builds on earlier energy investments

The latest purchase builds on Millennium Investments' previous expansion in Namibia's energy market. Through Central Gas Namibia, the group became the country's leading bulk importer, distributor and retailer of liquefied petroleum gas after acquiring BP's LPG assets. That earlier investment strengthened its position in fuel distribution before the company entered large-scale fuel retail through Nasan Energies.

Hamutenya said the purchase represents more than business expansion.

"This is about proving that indigenous African companies have the expertise, capital and vision to own and grow strategic national assets," he said.

He also said local entrepreneurs should play a bigger role in creating long-term value, investing in communities and building businesses that future generations can inherit.

Nasan Energies plans to continue improving its retail network while pursuing opportunities outside Namibia. The company also intends to invest in technology, employee training and partnerships that support the downstream petroleum sector.

The acquisition is one of the biggest transactions in Namibia's downstream petroleum industry in recent years. It gives a locally owned company a stronger position in the national fuel market while supporting the country's ambition to build a competitive economy driven by indigenous businesses.