Oman Trading International has acquired a 40% ownership in Hass Petroleum Group – a Kenyan oil marketing company.
The sale will see Hass embarked on strategic growth and expansion plans across the Eastern, Central and Horn of Africa.
It will invest the funds from the transaction to enhance its market visibility by investing in additional distribution assets, particularly its service stations across its key markets in the region.
It will also boost its working capital and increase competitiveness in the open tender system.
OTI will provide its supply and trading capabilities to strengthen Hass' service offering as well as enhancing services to consumers and contribute to economic growth across the region.
In a joint statement, the companies say that the acquisition is in line with both of their long term strategies.
'OTI's strategic priority of accelerating its growth by entering new emerging markets with high potential will fit well with Hass's aspiration of being Africa's leading oil market company. As a regular supplier of refined products to the Southern and East African region, this transaction will enable OTI and its new partner Hass to strengthen their businesses across a substantial African footprint.'
Hass operates a series of major oil terminals and retail station networks in countries including Kenya, Tanzania, Uganda and the Congo.
Abdinasir Ali Hassan, chairman and founder of Hass, says: 'I am convinced that this partnership is a major step in ensuring Hass' continued competitiveness across the region and I am confident that with OTI we can achieve our mutual long-term growth aspirations.'
Talal Hamid Al-Awfi, CEO of OTI, adds: 'Hass is a unique business with substantial scale and growth potential where we have enjoyed a long standing relationship; most importantly we share a common understanding and vision of the African energy market.'
Excelling in a mature marketFeeding the world's energy appetite Transforming storage for a diverse market A global storage picture New brand, same mission Germany: Europe''s economic success story Drones: new technology in the tank inspector's toolkit Drone inspection: a time-quality-money solution Engineering against the flames Restoring fire detection confidence