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Kenya: Libya Oil Launches Local Brand
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The Nation (Nairobi)
9 November 2007
Posted to the web 8 November 2007
Nairobi
Libya Oil Kenya Limited has officially launched its retail outlet brand OiLibya signing off the exit of Mobil outlets after it brought out ExxonMobil interest in the country.
Under a sale agreement entered into in October last year Libya Oil Kenya, then Tamoil Kenya Limited, acquired Mobil Oil Kenya business in the country.
However need for approval from various regulatory bodies and rebranding exercise had to delay the formal transition for over a year.
"Today we are celebrating the start of operations of Libya Oil Kenya in this market. We are also formally unveiling the OiLibya brand," Libya Oil Kenya, managing director, Kamel Jarnaz said during the launch on Wednesday evening in Nairobi.
The firm is the local subsidiary of Tamoil Africa Holdings Limited (TAHL) itself a part of Libyan-African Investment Portfolio (LAP)-a fully owned by the government of Libya.
LAP has investment interest in Communication, Hotel, Energy, Textile and Real Estate.
"The entry of Libya Oil Kenya into our market is a demonstration of the confidence LAP and the Libya Government in particularly have shown in our country," a speech read on behalf of the Permanent Secretary, Ministry of Energy, Patrick Nyoike, cited.
The acquisition is in part of the company strategy to expand operation in Africa and marks its entry in the East Africa region.
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In Africa the group has a presence in Egypt, Burkina Faso, Chad, Mali, Niger and Eritrea.
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