9th June 2023
BB Energy Morocco today marked the inaugural opening of the group’s new gas station network in Azzemour under the brand Société Pétrolière (SP).
This is the group’s tenth gas station in the country, as BB Energy Morocco reinforces its commitment to Morocco’s energy sector. Attended by Mohamed Bassatne (CEO of BB Energy Group) and Bashir Bassatne (CEO of BB Energy Downstream), the inaugural opening took place earlier today with a ribbon cutting ceremony by Baha Bassatne (Chairman of BB Energy Group) and Egide Gatera (founding Shareholder of Société Pétrolière Limited).
BB Energy Group, the parent company of BB Energy Morocco, has been involved in energy trading in Morocco for over 40 years. BB Energy Morocco aims to grow its activities across the energy value chain in the country. Building on the 10 gas stations already operating, the company plans to open 20 more retail stations by 2024. This forms part of a 200 million Dirhams (20 million USD) investment into distribution infrastructure alone by the group in Morocco over the next two years.
With a rich history in energy trading, BB Energy has sought to add value for its Moroccan customers by assisting to import, store and sell fuel from multiple sites across the country. Drawing on the Group’s global expertise and scale, BB Energy Morocco has been working to reduce working capital requirements while helping its current and future customers navigate and overcome the price volatility encountered in the last couple of years.
In addition, BB Energy Group intends to make further strategic investments to grow Morocco’s green and clean energy sources. The group is currently considering investment in solar power, e-mobility infrastructure and green hydrogen and ammonia, contributing to Morocco’s ambition to become one of the world’s largest hydrogen producers.
Marking the occasion, Mohamed Bassatne, CEO of BB Energy Group said: “Our continued investment in Morocco demonstrates our commitment to being a long-term partner in the country’s energy system. Over the last 12 months, we have actively expanded our activities across the value chain, particularly in downstream and renewables.”
“Morocco continues to be a highly attractive investment market for companies like BB Energy and I look forward to working closely with our partners and within a very dynamic ecosystem to participate in the country’s transition to greener forms of energy – from electric vehicle charging infrastructure to green hydrogen production,” he added.
Egide Gatera, founding Shareholder of Société Pétrolière Limited said: “We are very proud to continue strengthening our partnership with BB Energy Group. Today is an important day for the Société Pétrolière brand as It marks the opening of our network in the country, while demonstrating the attractiveness of Morocco as a key market for investment.”
“Working together with BB Energy Morocco, we plan to open another 20 gas stations in the next few years. We look forward to exploring future investment opportunities in Morocco as the country seeks to transform its energy system over the coming years,” he added.
In 2018, BB Energy Group acquired 70% of Société Pétrolière in Rwanda, a leading downstream distribution company and the largest fully integrated Oil Marketing company in Rwanda with 35% market share. The Group has further strengthened its partnership by launching the SP branded gas station network in Morocco.
Lara Koujou / Karim Bassatne
T: +971 4 432 8300
About BB Energy
BB Energy Group is one of the world's leading independent energy trading companies, with over 50 years of experience in the energy sector and a fast-growing renewable energy and emission reduction division. The Group has c. 500 employees in 12 offices spanning five continents, with key trading hubs in London, Dubai, Singapore, and Houston. The Group’s growth strategy is focused on sustainable energy commodities and projects, implemented through geographical expansion in new markets, product diversification, and acquisitions. BB Energy’s Renewable Division was established in January 2020 to manage investments in renewable energy and carbon emission reduction projects.
Société Pétrolière (SP)
BB Energy holds a 70% stake in Société Pétrolière (SP), the largest fully integrated oil marketing company in Rwanda with a 35% market share and sourcing capabilities in Kenya and Tanzania. SP sells approximately 150,000 m3 per annum of refined products through its retail network and wholesale customers. In 2019, SP expanded its storage capacity to reach 60,000 m3 to serve a 20-year contract with the government for the country’s strategic stock. SP is currently building LPG storage for the government strategic stock and for its own use, which is expected to be completed by 2023.
Head of Corporate Communications
T: +971 4 432 8300