NAIROBI: UAE-based oil firm Gulf Petrochem Group Wednesday announced it had acquired Essar Petroleum East Africa Ltd. The new entity has been renamed Aspam Energy (Kenya) Ltd.
The multi-million dollar deal will see Gulf Petrochem Group make an entry into the East African market at a time when the region is making significant developments in the energy sector.
ASPAM Energy Kenya, which has received the necessary approvals from the Competition Authority of Kenya and the Energy Regulatory Commission, will now have licence to market petroleum products through outlets earlier serviced by Essar Petroleum East Africa Ltd.
“Through this acquisition, ASPAM Energy (Kenya) will allow us to efficiently cater for East African customers and capitalise on a market that we plan to make our East African Hub,” said Gulf Petrochem Group Managing Director Sudhir Goyel.
The company further intends to develop storage and retail infrastructures and expand its retail networks. ASPAM Energy Kenya is part of Gulf Petrochem Group, which has a trading arm dealing in fuel bitumen and base oil, among others, and will now focus on these products in East Africa.
