A petrol station attendant fuels a car. Gulf Petrochem Group has a trading arm dealing in fuel oil, gas oil, bitumen and base oil, among others. PHOTO | FILE
UAE-based Gulf Petrochem Group has acquired marketer Essar Petroleum East Africa and renamed it ASPAM Energy (Kenya).
In a statement released on Thursday, Gulf Petroleum said the deal would improve its services and increase its supply of various oil products in East Africa.
Gulf Petrochem Group said it had already secured approvals from the Energy Regulatory Commission and the Competition Commission of Kenya for the acquisition.
“ASPAM Energy (Kenya) will continue with the commitment to cater to customers in East Africa who were earlier serviced by Essar Petroleum East Africa Ltd in the fuel retailing segment,” said the company.
The new entity also intends to develop storage and retail infrastructures in East Africa. Currently, Gulf Petrochem Group has a trading arm dealing in fuel oil, gas oil, bitumen and base oil, among others, and will continue selling the products in the region.
It is also a major player in the manufacturing of petroleum products. It does bunkering, oil refining, grease manufacturing, oil storage terminals, bitumen manufacturing and shipping and logistics.
“Prior to our acquisition of Essar (Kenya), 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,” said Gulf Petrochem Group MD Sudhir Goyel.
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