World News
Gulf Petrochem acquires Essar's Kenyan Assets
India-based Gulf Petrochem Group has acquired Essar Group's Kenyan operations in a deal worth an estimated $5 million, Indian media reports.
Essar's assets in the country include four franchise-owned-and-operated retail outlets and a marketing licence which had been held by Essar Petroleum East Africa.
The move is part of Petrochem's efforts to expand its presence in Africa, with the company having already announced intentions to construct two more fuel storage terminals in the country to establish itself in the lubricants market.
Petrochem also entered the fuel storage business last year after acquiring lubricants company Sah Petroleum and a bitumen plant formerly owned by Royal Dutch Shell.
Essar has slowly begun to offload its operations in Kenya over the past few months, having "strategically decided to exit from the Kenya market and focus on other assets and markets in India and UK," according to a company representative.
The company sold its Kenyan refinery back to the government last year.
It was reported last year that Essar was also seeking to sell a British oil refinery in an attempt to reduce its debt.
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