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UAE based oil firm strengthens presence in East Africa with Essar deal

Gulf Petrochem Group announced yesterday the acquisition of Essar Petroleum East Africa Ltd, renaming the downstream supply chain to ASPAM Energy (Kenya). With this deal the UAE based oil firm consolidates its presence in the East African market.



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"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.

ASPAM Enery Kenya will enter the oil retailing market through outlets previously serviced by Essar Petroleum East Africa Ltd. The license will allow the newborn enterprise to market petroleum products, and ASPAM is planning to develop storage and retail infrastructure as long term goals, according to a Zawya press release.

"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”, said Sudhir.

Gulf Petrochem Group is headquartered in United Arab Emirates, and has become an important player in the petroleum trade and manufacturing industry. It is present in South Asia, Far East Asia, Africa and Europe.

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