Petroleum Africa
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Thursday, June 8, 2017
Hass Petroleum Group and Oman Trading International (OTI) have entered into an agreement that will see OTI acquiring 40% of Hass’ shares. The sale of the shares will allow for Hass to embark on its strategic growth and expansion plans across the Horn of Africa, as well as the east and central regions of the continent.
The Group will use the additional funding from the transaction to enhance its market visibility by investing in additional distribution assets, specifically 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.
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 to grow and continue long-standing relationships with customers, suppliers, and regulators.
This acquisition is in line with the respective companies’ long-term strategies. 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.
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