Gulf Petrochem Group announces Wednesday the acquisition and name change of Essar Petroleum East Africa Ltd to ASPAM Energy (Kenya) Ltd.
ASPAM Energy (Kenya) will continue with the commitment to cater to customers in East Africa who were earlier serviced by Essar Petroleum East Africa Ltd in the fuel retailing segment, the company said.
ASPAM Energy will now have license to market petroleum products through outlets earlier serviced by Essar Petroleum East Africa ltd.
It will also develop storage and retail infrastructures as part of its long term goals in East Africa along with the expansion of retail networks through organic and inorganic routes of growth, the company said in a statement.
ASPAM Energy (Kenya) is part of Gulf Petrochem Group, which has a trading arm active in trading fuel oil, gas oil, bitumen, base oil, etc. and will now focus on these products in East Africa.
“With the global market for bitumen expected to reach $95.77 bn by 2020 according to a new study by Grand View Research, Inc. 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 capitalize on a market which we plan to make our East African Hub”, said Gulf Petrochem group managing director Sudhir Goyel.