Petroliam Nasional Bhd’s South African unit, Engen, and Vivo Energy Holding BV agreed to a deal worth as much as $256 million to combine some of their African fuel-retail assets.

The deal represents about 20 percent of Engen’s equity value.The talks have b Combining their operations will give Vivo Energy access to 300 Engen-branded outlets in countries including the Democratic Republic of Congo, Zimbabwe, Zambia, Gabon, Rwanda, Mozambique, Tanzania, Reunion, Malawi and Kenya, where it already has its own operations.

Engen will retain sole control of its operations in South Africa, Botswana, Lesotho, Swaziland, Namibia, Ghana, Mauritius as well as an oil refinery in South Africa that has the capacity to process 120,000 barrels of oil a day.een concluded.

Vivo Energy, which operates more than 1,800 gas stations across 15 African countries under the Royal Dutch Shell Plc brand, will exchange some of its shares for stock in Engen Holdings (Pty) Ltd., the companies said in an emailed statement on Monday. The transaction may involve a “cash element,” they said, without disclosing the value or terms of the deal.

Vivo Energy is jointly owned by Geneva-based Vitol SA and Africa-focused private-equity firm Helios Investment Partners.

Petronas, Malaysia’s national oil company, bought Engen in 1998 in a deal that valued the company at about $700 million before selling a stake to Phembani. If the deal with Vivo goes ahead, Phembani would also take a stake in the Dutch company, said the people. Vivo could then begin trading its shares on the London Stock Exchange in 2018.