Petroleum Africa
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Thursday, March 3, 2016
Kenyan oil marketer KenolKobil, in an effort to streamline its operations has been paring down its assets in neighboring countries. The company sold two of its subsidiaries in Tanzania and DRC.
The company, prior to the sale, had holdings in nine African countries but due to operational challenges and the need to manage debt forced the sale of the two subsidiaries.
“Owing to the above, the said two companies namely Kobil Tanzania Ltd and KenolKobil Congo SPRL shall no longer be subsidiaries of KenolKobil Ltd,” Group CEO David Ohana said.
In the DRC, KenolKobil operated a fuel depot in Lubumbashi as it sought to meet the region’s oil supply. However, political instability in the country is seen as a major reason for the company’s exit.
In Tanzania, the oil marketer operated 17 fuel stations.
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