UAE’s Gulf Petrochem acquires Kenyan oil company
A Gulf Petrochem storage terminal on the coast of Fujeirah emirate near the Strait of Hormuz in the UAE. (AFP/Karim Sahib)
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UAE-based Gulf Petrochem Group has announced the acquisition of Essar Petroleum East Africa in a bid to enhance the group’s services and products for the downstream supply chain in the oil and gas sector in East Africa.
Gulf Petrochem has also changed the name of the entity to Aspam Energy (Kenya) Ltd.
Gulf Petrochem Group secured the due approvals from the Energy Regulatory Commission (ERC), the Competition Commission and other regulatory bodies. Apsam will continue with the commitment to cater to customers in East Africa who were earlier serviced by Essar in the fuel retailing segment.
Apsam will now have license to market petroleum products through outlets earlier serviced by Essar. It also intends to develop storage and retail infrastructures as part of its long term goals in East Africa along with the expansion of retail networks through organic and inorganic routes of growth.
“With the global market for bitumen expected to reach $95.77 billion by 2020 according to a new study by Grand View Research, our group has recognized the potential for business growth within the African continent,” said Sudhir Goyel, Gulf Petrochem Group managing director.
“Through this acquisition, Apsam will allow us to efficiently cater to East African customers and capitalize on a market which we plan to make our East African hub.
“Prior to our acquisition of Essar, the company enjoyed roughly a 1.1 per cent market share. With our experience, market knowledge, portfolio and global reach we hope to significantly increase that market share and consolidate the group’s offering in East Africa,” he added.
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