Oil logistics firm Atlas expands to Tanzania

What you need to know:

  • Atlas now has a presence in five countries in the region --Kenya, Ethiopia, Djibouti, Mozambique and Tanzania.

Atlas Development, a logistics firm planning to list on the Nairobi Securities Exchange (NSE) this month, has expanded to Tanzania.

Atlas said it had bagged its first contract in Tanzania to offer support services to an unnamed oil and gas exploration company.

The latest venture by the company comes less than one week after it bagged a similar contract in Mozambique, and now gives Atlas a presence in five countries in the region.

The company said it is looking to boost its presence in the region to support companies that are coming to the nascent but promising oil, natural gas and mining industries.

“Mozambique, as with other countries in East Africa including Kenya, Ethiopia and Djibouti, holds a significant amount of potential for us. We are therefore pleased to have secured this contract to support our client’s entry into Mozambique and believe that this initial agreement will pave the way for a long-term strategic presence in the country,” said Atlas chief executive Carl Esprey in a statement.

The firm has begun construction of a logistics hub in Lokichar, Turkana, to support others exploring for oil in the region and those eyeing projects under Lamu Port South Sudan-Ethiopia Transport (Lapsset) Corridor project.

It plans to list on the NSE’s Growth Market Enterprise Segment (GEMS) by the end of this year, making it the first UK firm to cross-list locally.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.