Vitol – the bigger picture

Government's controversial decision to appoint Vitol as Namibia's strategic fuel supplier has opened a window onto a vast corporate network that already stretches deep into the country's petroleum sector.

A review of corporate records, competition filings, company disclosures and ownership structures reveals a network of Vitol-controlled companies stretching from Switzerland and Bahrain to Namibia's downstream petroleum sector.

This includes Vivo Energy, the Shell-branded fuel operator that has been active in the country for more than a decade.

The deal, which was announced by mines and energy minister Modestus Amutse last month, saw government moving away from its previous fuel procurement model by appointing Vitol Bahrain E.C. as the country's sole bulk petroleum supplier for a three-month period.

Last week, Affirmative Repositioning leader Job Amupanda challenged the legality of the fuel deal in parliament.

Amupanda questioned how Vitol could be entrusted with supplying fuel to Namibia despite not appearing on the ministry's list of licensed petroleum wholesalers.

“On 8 May, you published the list of the licensed oil companies and traders. Everyone who has a petroleum licence in Namibia is known and published," he said.

"On 21 May, you wrote a letter to the Namibia Oil Industry Association that the government has made an arrangement that Vitol will have the full mandate to cater for Namibia’s petroleum requirements. On the list published of wholesale licences, Vitol does not have a licence in Namibia,” Amupanda pointed out.

He argued that Vitol was not registered in Namibia and therefore could not obtain a wholesale petroleum licence under existing regulations.

The parliamentarian added the law stipulates that the minister cannot cancel or suspend a certificate or licence unless the minister has informed the licence holder of their failures and given them an opportunity to be heard.

“Namcor cannot import because of this directive, although they have a licence to import petroleum products. The letter of 21 May 2025 is that the government gave a sole mandate illegally to Vitol. Is the minister aware that the decision to award Vitol is unlawful? Is the minister aware of the effect of the 21 May letter, which has resulted in the suspension of the import rights of other licence holders?” Amupanda questioned.

The full picture?

His comments raise questions about whether parliament and the public were provided with a complete picture of the corporate structure behind the fuel arrangement when government presented it as a deal with an international fuel trader.

Amutse has insisted that there is ‘only one Vitol’, describing the company as operating through Vitol Bahrain.

“There is only one Vitol, having an administrative office in South Africa and registered as Vitol Bahrain," he said in response to Amupanda.

"It has been supplying as an international supplier that supplies the industry for a long period. Some local wholesalers have agreements to have Vitol supply them with products and the agreements are still valid".

The minister said the company has been supplying four wholesalers for a long period.

"For Vitol to supply petroleum products to the Namibian market, they do not need a licence, because the minister licenses wholesalers and retailers who do business within the boundaries of Namibia, whether they import or export. That’s what the minister licenses. But where they source the products from, Vitol is getting the products to the port of Walvis Bay, and thereafter it is bought from there,” he explained.

Last month, Amutse told Namibian Sun that the arrangement would reduce fuel procurement costs and generate savings of approximately N$1 billion over the three-month period.

However, records reviewed by Namibian Sun show that Vitol's presence in Namibia extends far beyond the role of a foreign fuel supplier.

Follow the fuel

At the top of the entire network sits Vitol S.A. – the Swiss-based commodities giant chosen by government as the supplier.

Below it sits Vitol Bahrain E.C. – one of the group's regional trading entities responsible for fuel supply across parts of Africa and the Middle East.

The corporate structure becomes more significant further down the chain.

In 2022, Vitol completed the acquisition of Vivo Energy, one of Africa's largest downstream petroleum operators, taking full ownership of the company.

Vivo Energy Namibia was established in 2011 and has operated in Namibia since the acquisition of Shell's downstream operations in 2012. It has remained one of the country's major fuel retailers and distributors.

The company's activities extend across fuel storage, distribution and retail operations.

Through Vivo Energy Namibia, the Vitol Group expanded its footprint through transactions involving Engen's African operations, bringing additional infrastructure and fuel assets under the broader corporate umbrella.

The result is a network of Vitol-controlled entities already embedded throughout Namibia's petroleum value chain.

The findings suggest that while parliament was told Vitol was supplying fuel as an international trader, the broader Vitol Group already maintained substantial commercial interests and operations inside Namibia through its subsidiary company, Vivo.

The Nasan Connection

The network expands when viewed alongside recent competition proceedings involving Nasan Energies.

Earlier this year, the Namibia Competition Commission (NaCC) approved Nasan's acquisition of 52 service stations divested by Vivo Energy and Engen Namibia.

The transaction was approved subject to strict conditions designed to prevent excessive market concentration.

“For a period of five years from the implementation date, the acquiring group (Nasan) shall not purchase, procure, import, or otherwise source petroleum products, whether directly or indirectly, from Vitol,” NaCC chairperson, Andreas Ithindi, stated in a letter issued earlier this year.

Among those conditions was a prohibition preventing Nasan from sourcing fuel directly or indirectly from Vitol, Vivo Energy and affiliated entities for a specified period.

The commission's decision recognised the interconnected nature of the various companies operating under the broader Vitol network.

Government presented Vitol as the solution to Namibia's fuel supply challenges – a contradiction that raises questions about whether the objectives pursued by competition regulators align with that of the government.

The wider Vitol web

The Nasan transaction attracted public attention because of allegations linking businessman Mathews Hamutenya to the acquisition.

Hamutenya has repeatedly denied any involvement in government's fuel supply arrangement.

In a local media report he claimed that his relationship was with Vitol SA and not with Vitol Bahrain, the entity appointed by the government.

While Hamutenya rejects suggestions that he is connected to the fuel arrangement, the corporate record shows a vertically integrated network stretching from Geneva to Windhoek.

His own company, Validus Energy, is 70% owned by Vivo Energy, and Vivo is wholly owned by Vitol.

Vitol S.A. was founded in Switzerland in 1966. The company owns 100% of Vitol Bahrain E.C., 100% of Vivo Energy and a range of downstream petroleum operations across Africa.

Through Vivo Energy, which was established in partnership with Helios Investment Partners in 2011 and fully acquired by Vitol in 2022, the group entered Namibia after acquiring Shell's downstream operations in 2012.

Its footprint expanded further through the acquisition of Engen's African operations, giving the broader Vitol Group influence across fuel trading, storage, wholesale distribution and retail activities.

Amutse has not responded to the latest questions sent by Namibian Sun.