A Zimbabwean-controlled investment company announced yesterday it agreed to purchase BP and Shell operations in Zimbabwe, including a dormant lubricant plant. There was no immediate word about the purchasers plans for that plant.
The purchasing company is Masawara Plc, which is listed on the London Stock Exchange and registered on the British Crown offshore financial center of Jersey, although its main office is in Harare, Zimbabwe. According to Newsday Zimbabwe, Shingai Mutasa, one of the countrys richest business tycoons, owns a 63 percent stake in the company.
Shell operates under BPs license to do business in Zimbabwe. Collectively the activities are known as BP and Shell Marketing Services Ltd. and include 73 service stations, 10 storage depots and 87 employees. BP confirmed the transaction, but neither it nor Masawara disclosed the price.
Masawara noted that the deal still awaits approval from competition authorities. Newsday indicated that such consideration largely hinges on concerns about preserving local ownership, so the agreement is expected to easily gain approval.
Masawara representatives did not immediately respond to questions about the lubricant plant.