Sharjah, UAE-based Gulf Petrochem has reportedly acquired the marketing licence and four retail outlets of Essar Oil in Kenya.
The outlets were owned and operated by franchises, and the licence was held by Essar Petroleum East Africa, a subsidiary of Mauritius-based Essar Energy Overseas.
Gulf Petrochem is reported to be considering expansion in Africa and bought the assets for an estimated $5 million (€4.3 million).
In recent months, Gulf Petrochem has also invested in India’s lubricants and fuel storage market. The company will develop two new fuel storage terminals with a total capacity of up to 600,000m3 and has acquired industrial lubricants company Sah Petroleum as well as Royal Dutch Shell Specialties’ bitumen plant at Savli, near Vadodara in Gujarat.