EMEA News
Gulf Petrochem Makes African Acquisition
Gulf Petrochem Group (Gulf Petrochem) has announced in an emailed press release the official acquisition and name change of Essar Petroleum East Africa Ltd to ASPAM Energy (Kenya) Ltd.
The deal is said to enhance the group's integrated services and products for the downstream supply chain in the oil and gas sector in East Africa.
As part of Gulf Petrochem Group, which has a trading arm active in trading products that include Fuel Oil, Gas Oil, and Base Oil, Gulf Petrochem says the company will now naturally focus on the same product range in East Africa.
"Our group has recognized 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 capitalize on a market which we plan to make our East African Hub", said Gulf Petrochem Group Managing Director, Mr. Sudhir Goyel.
"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."
In April, Gulf Petrochem announced that the renaming of recently acquired Indian business Sah Petroleums.
