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Kenolkobil acquires Phoenix Petroleum

KenolKobil Ltd., a Kenyan fuel retailer, has acquired all the assets of Phoenix Uganda Petroleum Ltd. as it seeks to establish a regional presence, while at the same time scouting for an entry into Zimbabwe’s lucrative market. The firm will control the assets of Phoenix Uganda Petroleum Ltd., including a depot, a modem three-story office block and three service stations in Kampala, in a move aimed at strengthening KobilUganda’s ability to tap into the recent oil discoveries in the country. KenolKobil is also scouting for a fresh entry route to Zimbabwe, after a previous attempt to invest in the Southern African country was thwarted in a tendering duel last year. (February 1, 2011)