ABN – Essar Petroleum East Africa has been acquired by an UAE-based oil firm who have renamed the company ASPAM Energy (Kenya).
Gulf Petrochem Group acquired the company in a bid to boost its downstream supply chain in the oil and gas sector in East Africa.
The Energy Regulatory Commission, Competition Commission and other regulatory bodies approved the sale.
Gulf Petrochem Group MD Sudhir Goyel said: "The move will improve the company's market share from the current 1.1 per cent and consolidate the firm in East Africa.
"With the global market for bitumen expected to reach US$95.77 billion by 2020 according to a new study by Grand View Research, our group has recognised the potential for business growth within the African continent.
“Through this acquisition, ASPAM Energy (Kenya) will allow us to efficiently cater to East African customers and capitalise on a market which we plan to make our East African Hub."