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Harare Bureau
FUEL retailer, Engen has over the last two years, invested about $7 million towards capital expenditure and other expenses aimed at bolstering its retail network.
Of that investment, $4 million went towards capital expenditure, while additional expenses accounted for another $3 million.
That investment has seen the fuel company register a 28 percent growth, increasing operating stations from 20 to 55 in two years.
Engen managing director, Crem Mapfumba, told a stakeholders’ breakfast meeting yesterday that the company is playing an elaborate strategy to make itself a brand leader in Zimbabwe, as well as demonstrating its confidence in the country’s future, by making significant investments.
“We’ll continue focusing further on growth, building and harnessing the expertise and full potential of all our people as well as making a significant contribution to the fiscus for the benefit of Zimbabwean people.
“With the international backing of PETRONAS we’re quite optimistic that we’ll continue to grow to become a powerhouse on the local market,” said Mapfumba.
Engen expects to increase operating stations to 80 by the end of next year and is planning to grow, basing on its strong presence in the commercial, industrial and mining sectors in the country.
He said the investment includes building long term relationships with quality players, which are strengthening the Engen brand in Zimbabwe.
Engen Zimbabwe is 51 percent owned by locals, with 10 percent in the hands of employees and 41 percent in the hands of Croco Consortium.
PETRONAS, which is Engen Zimbabwe’s international partner, controls the remaining 49 percent stake.
“This year marks 28 months of our existence in Zimbabwe. We started with four service stations, moved to 20 in 2012 and now we’ve 55 countrywide,” he said.
Mapfumba said the investments are in line with Engen’s objectives to be the oil company of choice in Sub-Saharan Africa and the Indian Ocean Islands by 2016.
He said the company is now well positioned for increased growth and is introducing a number of innovative products and services to the Zimbabwe market.
Among these is the introduction of Engen Diesel 50, a high quality diesel product that contains significantly less sulphur than the standard diesel found on the market.
Vehicles running on Diesel 50 have reduced exhaust emissions and soot formation, making it more environmentally friendly.
Engen is looking at creating seamless structures as those found in South Africa and other regional countries.
“Such a level of investment and growth demonstrates not only serious value addition, but also underlines positive possibilities that manifest when momentum of focus and execution prevails.
“We’ll continue to decentralise operations and engage more distributors,” he said.
Online Reporter