Mr Sudhir Goyel, managing director Petrochem. PHOTO | EDWIN OKOTH
A United Arab Emirates (UAE) oil firm has acquired and renamed a
Kenyan oil supplier in a bid to boost its downstream supply chain in in
East Africa’s oil and gas sector.
Gulf Petrochem
Group Wednesday announced its acquisition of Essar Petroleum East Africa
Ltd effectively changing its name to ASPAM Energy (Kenya) Ltd.
Gulf
Petrochem Managing Director at Sudhir Goyel said the move will improve
the company’s market share from the current 1.1 per cent and consolidate
the firm in east Africa.
BITUMEN MARKET
“With
the global market for bitumen expected to reach $95.77bn by 2020
according to a new study by Grand View Research, our group has
recognized the potential for business growth within the African
continent. Through this acquisition, ASPAM Energy (Kenya) will allow us
to efficiently cater for East African customers and capitalize on a
market which we plan to make our East African Hub,” Mr Goyel said.
The
acquisition, according to him, had received regulatory approvals from
the Energy Regulatory Commission (ERC) and the Competition Authority.
ASPAM
Energy (Kenya) will now have license to market petroleum products
through outlets earlier serviced by Essar Petroleum East Africa ltd.
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.
Gulf
Petrochem Group, which has a trading arm active in trading Fuel Oil,
Gas Oil, Bitumen and Base Oil, say it will now focus on these products
in East Africa.
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