HARARE: French oil and gas company, Total Zimbabwe, has invested more than US$20 million over the last three years to strengthen its business in Zimbabwe, the Financial Gazette’s Companies & Markets (C&M) has learnt.
Total Zimbabwe, a leading integrated oil and gas company which controls about 24 percent of the market share in the petroleum sector, has been in existence in Zimbabwe for the past 55 years, operating 105 fuel stations throughout the country.
The company’s managing director, Chris Okonmah, said the company was committed to its investment in the country. “Since 2013, we have invested more than US$20 million in the refurbishment and upgrade of our depots and retooling to increase production capacity,” said Okonmah.
“This underlines our confidence in this market as this investment will enhance our ability to meet increasing consumer demand. Everything we do at Total Zimbabwe should be of international standard.”
Okonmah spoke as the company last week launched its Startupper of the Year Challenge for business start-ups for the year 2016 in Harare. The challenge is part of a global initiative to support socio-economic development in all countries it operates worldwide.
The contest aims to identify, reward and provide support for the best business creation project by individuals aged 35 years and below at the time of submitting their applications. Entries will be accepted from November 1 to January 31, 2016.
The contest will see three young aspiring entrepreneurs share US$35 000 to be sponsored by Total Zimbabwe as start-up capital for their business innovations.
The winner will get US$18 000 while the first and second runner ups will get US$10 000 and US$7 000 respectively. Okonmah said the idea was to help big dreamers get closer to their business innovations and make a mark in the business sector.
“The criteria for choosing the finalists will be based on the projects’ ingenuity, its boldness and originality, its competitiveness, its ability to create sustainable value and to support local development,” he said.
“The three winners will also receive business coaching to ensure their businesses are well-managed.” Youth, Indigenisation and Economic Empowerment Minister, Patrick Zhuwao, applauded the initiative.
“I would like to congratulate Total Zimbabwe on extending their activities beyond energy and petroleum products to promote sustainable business start-up ventures amongst Zimbabwean youths at a very key and critical time in the economic history of our country,” Zhuwao said.
One of the jurors, Charles Msipa, who is Schweppes Zimbabwe’s managing director, said: “We need more companies that are built to last, underpinned by able and competent people.” Msipa spoke on behalf of Joe Mtizwa, the patron of the Startupper of the Year Challenge.
Mtizwa is former chief executive officer of Delta Beverages, the country’s biggest brewer. “When you get it right at business start-up inception, the probability of sustainable success is enhanced,” said Msipa.
“Looking back over the decades as a banker, businessman, corporate executive, there are many corporate names that have come and gone. Others have remained and some are still going strong today. The difference is in people and the people who manage the businesses.
We need more companies that are built to last, underpinned by able and competent people. It is the coaching, empowering and mentoring process that Total and its partners are providing that adds true value to our business start-ups.”
Total is a global integrated energy producer and provider, head-quartered in France and is the world’s fifth ranked international oil and gas company.
The company has a presence in 130 countries all over the world and it controls about 18 percent of the market on the African continent. It was the first distributor of oil products on the African continent.
