Essar Petroleum East Africa Ltd. is now officially ASPAM Energy (Kenya) Ltd., following securing approvals from Kenya’s Energy Regulatory Commission (ERC), the Competition Commission and other regulatory bodies for its acquisition by Gulf Petrochem.
ASPAM Energy (Kenya) will continue to serve oil retail customers in East Africa who were earlier serviced by Essar Petroleum East Africa Ltd. It also intends to develop storage and retail infrastructures as part of its long-term goals in East Africa, along with the expansion of its retail networks through organic and inorganic growth.
Gulf Petrochem Group is headquartered in the United Arab Emirates and has market presence in South Asia, the Far East Asia, Africa and Europe. It has a trading arm that is active in trading fuel oil, gas oil, bitumen, base oil, etc., and will now naturally focus on these products in East Africa.
“Through this acquisition, ASPAM Energy (Kenya) will allow us to efficiently cater to East African customers and capitalize on a market which we plan to make our East African Hub,” said Gulf Petrochem Group Managing Director Sudhir Goyel.
He said that prior to its acquisition of Essar (Kenya) Ltd., the company had a 1.1% market share, which Gulf Petrochem hopes to significantly increase.