Kenyan oil marketer Hass Petroleum Group has sold 40 per cent of its shares to Oman Trading International (OTI).
The acquisition is in line with OTI’s strategy of accelerating growth in new emerging markets.
“We are delighted to move onto the next phase of growth for OTI, agreeing our first major investment into Africa with Hass. Hass is a unique business with substantial scale and growth potential where we have enjoyed a long standing relationship; most importantly we share a common understanding and vision of the African energy market,” said Talal Hamid Al-Awfi, CEO of OTI.
Oman Trading International (OTI) is owned by the government of the Sultanate of Oman through Oman Oil Company (OOC) with 70 per cent and the State General Reserve Fund (SGRF) holding 30 per cent.
The company which has operations in Europe, the Middle East, US, Asia and now Africa delivers over 20 million tonnes of energy products annually.
As an off-taker of crude, OTI lifts more than 100, 000 barrels of Oman Export Blend for global delivery daily.
The transaction will enable Hass Petroleum Group embark on its expansion plans across Eastern, Central and the Horn of Africa.
Hass will invest the funding to set up additional retail service stations across its key regional markets to enhance its market visibility; and boost its working capital and increase competitiveness in the Open Tender System.
Abdinasir Ali Hassan Chairman and Founder of Hass expressed his belief that the partnership is a major step in ensuring Hass’ continued competitiveness across the region.
Hass Petroleum is a regional oil marketing company with operations in Kenya, Tanzania, Uganda, Rwanda, Zambia, South Sudan, Somali, Somaliland and the Democratic Republic of Congo. It owns major oil terminals, retail station networks, supply chain infrastructure, a product range of all white oils and its own brand of lubricants.
By providing Hass with its supply and trading capabilities, OTI will strengthen the marketer’s service offering, enhancing services to its consumers and contributing to economic growth across the region.
Standard Advisory London Limited, a member of the Standard Bank Group were the exclusive financial advisors to OTI and KPMG Advisory Services Limited Kenya acted as exclusive financial advisors to Hass in the transaction whose completion is subject to regulatory approval in the various countries in which Hass operates.