Exor Petroleum forms new company with Mozambique oil giant

Exor Petroleum, one of the country’s pioneering indigenous oil companies, has formed a joint venture company, PetromocExor,with Mozambiqueoil giant Petroleos de Mocambique (Petromoc).

The joint venture between Exor and Petromoc, which is a quasi-government Mozambican company, will see the gradual rebranding of all Exor service stations to reflect the newPetromocExor brand.

The joint venture is expected to usherin a bright future not only for the two brands but for the oil industry and the country at large.

Exor Petroleum’s capital contribution to the new company 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, while Petromoc will bring in working capital and vast technical capabilities.

PetromocExor has a stockholding capacity of five million litres.

The company’s general manager, Mr Felizberto Guizemana,said priority would be given to the refurbishment and rebranding of service stations. New sites would be completed within 12 months.

“We are already working on refurbishing the Sunningdale(Boshoff Drive) site and will move onto St Mary’sin Chitungwiza, Kamfinsa in Greendale, Bulawayo and later the Masvingo proposed petroport project situated on the Harare to Beitbridge highway,” he said.

Mr Guizemana pointed out that Mozambique has had strong historical ties with Zimbabwe. He predicted that the joint venture would be one of the many success stories in the future of the two countries.

“Our vision is to stay as a household name in the energy sector through the merging of the two companies’ mantras ofExcellence, Everywhere.

“With our core values based around customer focus, social responsibility, corporate integrity and shareholder return, we wish to maximise revenue earning through capacity utilisation of existing assets and grow the size of the distribution network by constructing new sites as well as expand the business into the remainder of the SADC region,” he said.