UAE firm boosts oil & gas supply chain operations
Gulf Petrochem Group has acquired Essar Petroleum East Africa Ltd and changed its name to ASPAM Energy (Kenya) Ltd in a deal that will enhance the group’s integrated services and products for the downstream supply chain in the oil and gas sector in East Africa.
Gulf Petrochem Group secured the due approvals from the Energy Regulatory Commission (ERC), the Competition Commission and other regulatory bodies.
ASPAM Energy (Kenya) will continue catering to customers in East Africa, who were earlier serviced by Essar Petroleum East Africa Ltd in the fuel retailing segment.
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 bn by 2020 according to a new study by Grand View Research, Inc. our group has recognised the potential for business growth within the African continent.
"Through this acquisition, ASPAM Energy (Kenya) will allow us to efficiently cater to East African customers and capitalise on a market which we plan to make our East African Hub,” said Gulf Petrochem Group's managing director, Sudhir Goyel.
He added: “Prior to our acquisition of Essar (Kenya) Ltd, the company enjoyed roughly a 1.1% 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.”