Energy Regulatory Commission (ERC) has now approved the acquisition and name change of Essar Petroleum East Africa Ltd by Gulf Petrochem Group to ASPAM Energy (Kenya) Ltd.
The deal is meant to enhance the group’s integrated services and products for the downstream supply chain in… the oil and gas sector 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 recognized 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, Mr. Sudhir Goyel.
ASPAM Energy (Kenya) will now be committed to cater to customers in East Africa who were earlier serviced by Essar Petroleum East Africa Ltd in the fuel retailing segment It will have license to market petroleum products through outlets earlier serviced by Essar Petroleum East Africa ltd. and also intends to 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.
ASPAM Energy (Kenya) is now officially part of Gulf Petrochem Group, which has a trading arm active in trading Fuel Oil, Gas Oil, Bitumen, Base Oil, etc. and will now naturally focus on these products in East Africa. This will contribute in the growth of the East African economy.