Hass Petroleum Group has announced selling 40 per cent of its shares to Oman Trading International (OTI).
This will see the Kenyan oil marketing company embark on its strategic growth and expansion plans across the Eastern, Central and the Horn of Africa.
Hass Group plans to use the additional funding to improve its market visibility across key markets in the region.
The company looks to increase competitiveness in the Open Tender System as OTI provides supply and trading capabilities.
“We are delighted to move onto the next phase of growth for OTI, agreeing our first major investment into Africa with Hass,” said OTI chief executive Talal Hamid Al-Awfi
According to Hass founder Abdinasir Hassan, OTI’s strategic priority of accelerating growth by entering emerging markets with high potential will fit well with Hass’s aspiration of being Africa’s leading oil marketing company.
Hass founder and management team will continue to operate the business and work closely with OTI to grow and continue long-standing relationships with customers, suppliers and regulators.