A UAE- based oil firm has acquired Essar Petroleum East Africa Ltd and renamed it to ASPAM Energy (Kenya) Ltd.

Sudhir Goyel, Gulf Petrochem Group Managing Director said, “The move will improve the company’s market share from the current 1.1 per cent and consolidate the firm in east Africa”.

“With the global market for bitumen expected to reach USD 95.77 billion by 2020 according to a new study by Grand View Research, 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 capitalise on a market which we plan to make our East African Hub,” he added.

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