Hass Petroleum Group has sold 40% of its shares to Oman Trading International (OTI) in a move that will see the Kenyan oil marketing company embark on its strategic growth and expansion plans across the Eastern, Central and Horn of Africa.
The Group will invest the additional funding from the transaction to enhance its market visibility through new distribution assets such as service stations across its key markets in the region. It will also boost the marketer’s working capital and increase competitiveness in the Open Tender System.
In turn, OTI will provide its supply and trading capabilities to strengthen the Hass service offering, enhance services to consumers and contribute to economic growth across the region.
The Hass founder and management team will continue to operate the business and work closely with OTI.
OTI’s strategic priority of accelerating its growth by entering new emerging markets with high potential will fit well with Hass’s aspiration of being Africa’s leading oil marketing company. As a regular supplier of refined products to the Southern and East African region, this transaction will enable OTI and its new partner Hass to strengthen their businesses across a substantial African footprint.
The completion of the transaction remains subject to approval by the relevant regulatory authorities in the various countries in which Hass operates in.
“I am convinced that this partnership is a major step in ensuring Hass’ continued competitiveness across the region and I am confident that with OTI we can achieve our mutual long term growth aspirations,” said Mr Abdinasir Ali Hassan, the chairman and founder of Hass.
Talal Hamid Al-Awfi, CEO of OTI, said this was Oman’s first major investment into Africa. “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,” he said.