Gulf Petrochem acquires Essar Petroleum

05/07/2015 03:44 AST

Gulf Petrochem Group announces the official acquisition and name change of Essar Petroleum East Africa to ASPAM Energy (Kenya).

The deal 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 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.

ASPAM Energy (Kenya) will now have license to market petroleum products through outlets earlier serviced by Essar Petroleum East Africa. 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.

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 Managing Director, Sudhir Goyel. Headquartered in United Arab Emirates, and having a presence in South Asia, the Far East Asia, Africa and Europe, Gulf Petrochem has emerged as one of the well-established manufacturers and traders of petroleum products in major parts of the world.

He went on to add, “Prior to our acquisition of Essar (Kenya) Ltd, 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.”

The Gulf Today