The transaction agreement was signed between Engen Holdings (Pty) Limited and Mocoh Ghana Limited on March 1, 2019 and made available to the Ghana News Agency in Accra on Thursday. 

According to the agreement, Mocoh Ghana an affiliate of Reston Energy, a Ghanaian petroleum company would hold 55 per cent and the Mocoh Group 45 per cent shares.

Mr Kwame Kessie, Mocoh Ghana Managing Director, explained that the company has been active in Ghana for the last four years as a strong supply and trading partner to the public and private sector.

He said the agreement took into consideration the government of Ghana's vision to increase local content in the petroleum sector, therefore Mocoh Ghana is an indigenous company with the majority of the equity held by Ghanaians.

"Our ambition is to build capacity and equip Ghanaians with the international skills required to compete at all levels. We aim to run a first-class Oil Marketing Company, owned and operated by Ghanaians, to provide value to our customers in every part of the country," Mr Kessie stated.

The Mocoh Group, headquartered in Geneva Switzerland, has been operating in Africa for 21 years and is actively involved in the trading, logistics and the distribution of petroleum products across the continent.

Mr Michael Hacking, Chief Executive Officer of the Mocoh Group, explained that; "we are very happy to welcome to the Mocoh family, the 250 people working directly or indirectly in the Engen Ghana offices and the service stations spread across Ghana.

"Our plans in Ghana are to create more service stations, employ more Ghanaians, market the best products, provide the best service to our customers and share the fruit of our success with the local community".

He said the integration of a renowned downstream player such as Engen, which combines trading expertise with distribution excellence, is in line with Mocoh Group's strategy to become a fully integrated player in Africa.

He said the transaction reinforces the footprint of the Mocoh Group especially in Ghana but also in Africa in general.

The Mocoh Group has trading, supply and distribution activities in Nigeria, Senegal, Cameroon, Togo, Benin, Burkina Faso, Mali, Democratic Republic of Congo, South Africa and Madagascar, with an ambition to cover the continent.

The Mocoh Group combines the agility of a local specialist with the rich and connectivity of a global enterprise; "We understand the complexities of the markets we operate in, including local practices, cultures, and supply and demand factors," Mr Hacking stated.

He said Mocoh is a privately-owned company established in 1998; since inception, Africa has been its focus and with an unrivalled expertise and a wide network of relationships across the continent.

Mr Hacking said "We have successfully navigated global financial crises and energy market volatility, and we trade in some of the most complex markets in Africa.

"Today, Mocoh's operations have spread far beyond Africa to encompass a global business, connecting markets in Africa, Europe, the Americas and Asia," he said.

Meanwhile in an interview with the Ghana News Agency on the change of ownership; Mr Henry Akwaboah, Engen Ghana Managing Director, assured staffs and service station operators of continuity in service.

He said in spite of the change, the brand identity of Engen Ghana Limited would continue to be displayed at all "our 22 Engen-branded service stations at least for the next five years".

Mr Akwaboah said our service stations would continue to be active players along the following business lines; wholesale/B2B, lubricants, Liquefied Petroleum Gas and bunkering businesses.

He assured customers that services would be improved; and urged customers to have confidence in the brand.