Leading oil marketer Hass Petroleum Group has announced that it has sold a 40 per cent stake to a Middle East firm Oman Trading International.
Following the injection of the new capital, the oil marketer says it will now train its sight to investing in new service stations as part of the firm’s strategic expansion plans into East, Central and Northern Africa.
Hass founder and chairman Abdinasir Ali Hassan said the partnership will help boost the firm’s competitiveness.
“Oman Trading International will boost supply and trading capabilities of Hass, which will strengthen the firm’s service offering, enhance customer service and contribute to regional growth,” he said.
The acquisition will see Hass work closely with Oman Trading International to grow and continue long-standing relationships with customers, suppliers and regulators.
Oman Trading International is a regular supplier of refined products to the East and Southern African regions, data shows, While Hass has a presence in Kenya, Tanzania, Uganda, Rwanda Zambia, South Sudan, Somalia, Somaliland and the DR Congo.
“We are delighted to move onto the next phase of growth for Oman Trading International, 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,” Oman Trading International chief executive officer Talal Hamid Al-Awfi said during the signing of the deal.
Reports show that Oman, the largest oil producer in the Middle East outside of Organisation of Oil Exporting Countries, was planning to push growth by establishing US and African footholds