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Oryx Group about to be sold

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by Invisible, Jan 3, 2012.

  1. Invisible

    Invisible Admin Staff Member

    Jan 3, 2012
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    The four companies shortlisted to bid for the distribution and storage assets of Addax & Oryx Group had until Dec. 29 to put in their final offers to BNP-Paribas which has been handling the sale since last summer (AEI 663). Africa Energy Intelligence understands the companies were: Trafigura, through its affiliate Puma Energy; Nigeria’s Oando run by Wale Tinubu; the trader Vitol; and the U.S. equity fund Emerging Capital Partners (ECP). According to our sources, only two of the four are thought to have submitted final bids last week.

    Founded by former World Bank officials, ECP manages three funds specializing in Africa and is already a shareholder of Ocean & Oil, a sister company of Oando. To bid for Addax/Oryx the group reportedly teamed up with several oil market specialists. The winner will be announced at the end of the first quarter.

    After selling off his upstream assets to Sinopec in 2009, Jean-Claude Gandur, the boss of Addax Oryx, can hope to earn between $350-400 million from the new disposal. The sale will involve assets in 21 African countries, including many in West Africa like Senegal, Guinea, Mali, Burkina Faso, Niger, Sierra Leone, Ivory Coast, Togo, Benin and Nigeria. The remaining parts lie in central and southern Africa: Congo-K, Uganda, Rwanda, Kenya, Tanzania, Zambia, Zimbabwe and South Africa.

    Only a few dozen service stations are up for sale so would-be buyers are primarily interested in the tank farms, import terminals and butane markets in Addax & Oryx Group’s portfolio.

    However, any company that buys out Oryx’s assets in such a wide range of countries with different markets will need to manage its acquisition with extreme care. That hasn’t always been the case in such operations.

    In 2009, hundreds of Chevron’s service stations were acquired by the Corlay Group consortium that consisted of MRS and PetroCI. Two years on, Corlay Group subsidiaries in each of the different countries are only now getting their act together with regards their personnel but the firm still hasn’t found a consistent way to run a portfolio with such a-diverse geographic profile.

    SOURCE: AFRICA - Oryx Group about to be sold - Africa Energy Intelligence
  2. Safari_ni_Safari

    Safari_ni_Safari JF-Expert Member

    Jan 3, 2012
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    Wamuuzie Ridhiwani
  3. Smile

    Smile JF-Expert Member

    Jan 3, 2012
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    Procedure za manunuzi zikoje invisible nijaribu na mimi?
  4. s

    sanjo JF-Expert Member

    Jan 3, 2012
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    Another example of consolidation of energy companies. I remember Oryx bought Agip Tanzania Ltd in the 1990s.