Terminals in Tanzania and Kenya are part of Gulf Petrochem’s expansion into the East African market.
Speaking to media in a series of interviews, Thangapandian Srinivasalu, executive director of the UAE-based energy company says that they plan to spend up to $30 million (€26 million) in acquiring new terminals in that region over the next 12 months.
Srinivasalu adds that the company’s main growth regions will be the UAE, India and East Africa. The company plans to set up terminals in Dar es Salaam in Tanzania and Mombasa in Kenya.
Srinivasalu says: ‘The next decade belongs to Africa and there are tremendous business opportunities in East Africa, which is politically stable and secure. There is steady growth of 5 to 7% in Tanzania, Kenya and Uganda.’
As previously reported the company acquired the marketing license and four retail outlets from Essar Oil in Kenya as part of their expansion into Africa.