ZIMBABWE’S Exor Petroleum, one of the country’s pioneering indigenous oil companies, has formed a joint venture company, PetromocExor with Mozambique oil giant Petroleos de Mocambique (Petromoc).
Own Correspondent
The joint venture between Exor and Petromoc, a quasi-Mozambican government company, will see the gradual rebranding of all Exor service stations to reflect the new PetromocExor brand.
The joint venture is expected to usher in 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, 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 on to St Mary’s in Chitungwiza, Kamfinsa in Greendale, Bulawayo and later the Masvingo proposed petroport project situated on the Harare to Beitbridge highway,” he said.
