9 June 2017

East Africa: Hass Petroleum Sells 40 Per Cent Stake to Omani Company

Hass Petroleum group has sold 40 per cent of its shares to Oman Trading International (OTI) in a move that will see the oil marketing company embark on its strategic growth and expansion plans across the region.

Signing of the agreement took place on Wednesday at Hass headquarters in Nairobi. The development means Hass will invest the additional funding from the transaction to enhance its market through new distribution assets, specifically service stations across the region.

The move is also intended to boost the marketer's working capital and increase competitiveness in the open tender system.

On the other hand, 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.

Abdinasir Ali Hassan, the Hass chairman and founder, welcomed the deal. "I am delighted to conclude this transaction with OTI. 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."

On his part, Talal Hamid Al-Awfi, the CEO of OTI, expressed satisfaction at the conclusion of the deal.

"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."

East Africa

Nation Journalists Feted at Merck Foundation Media Awards

NTV's Namukabo Werungah, Doreen Magak, Antony Wabwoba and former station head Pamela Asigi were among the big winners at… Read more »

See What Everyone is Watching

Copyright © 2017 The Observer. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.