HASS PETROLEUM GROUP SELLS 40% OF ITS OWNERSHIP TO OMAN TRADING INTERNATIONAL "Credit News 24"
The Chairman of Hass Petroleum- Mr. Abdinasir Ali Hassan (left) and Mr. Talal Hamid Al-Awfi sign agreements following the sale of Hass Shares to Oman based OTI in Muscat.
Hass Petroleum Group has sold 40% of its shares to Oman Trading International (OTI) in a move that will see the Kenyan oil marketing company embark on its strategic growth and expansion plans across the Eastern, Central and Horn of Africa.
The Group will invest the additional funding from the transaction to enhance its market visibility through new 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.
In turn, 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.
Abdinasir Ali Hassan Chairman and founder of Hass, commented, "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.”
Talal Hamid Al-Awfi, CEO of OTI, has expressed his 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.”
Standard Advisory London Limited, a member of the Standard Bank Group (“Standard Bank”)acted as exclusive financial advisors to OTI and KPMG Advisory Services Ltd Kenya acted as exclusive financial advisors to Hass.
ENDS
About OTI
Established in 2006, Oman Trading International (OTI) is owned by the government through Oman Oil Company (OOC) with 70% and the State General Reserve Fund (SGRF) holding 30%. OTI has grown from modest beginnings into a global trader delivering over 20 million tonnes of energy products per year with offices in Europe, Middle East, US and Asia.
OTI is placed as the strategic partner to the Oman Refineries & Petroleum Industries Company (ORPIC), handling all supply and offtake of refined products for the Sultanate of Oman. Furthermore, OTI is significant off-taker of crude from Oman lifting in excess of 100,000 barrels per day of Oman Export Blend and delivering it to our customers globally. OTI is also active in the petrochemicals and LNG markets.
Aside from strategic relationships with a number of Omani producing assets, a bigger portion of the group’s traded products are sourced from and delivered to third parties. More information is available at www.omantrading.com
About Hass
Hass Petroleum is a leading regional oil marketing company, incorporated in 1997 it has a significant presence in East, Central and Horn of Africa. Countries with significant operations include Kenya, Tanzania, Uganda, Rwanda Zambia, South Sudan, Somalia, Somaliland and the Democratic Republic of Congo. Key assets include major oil terminals, retail station networks and established supply chain infrastructure. Its product range consists of all white oils, namely: Diesel, Gasoline, Jet A1, Kerosene, Liquefied Petroleum Gas (LPG) and its own brand of lubricants, blended to world-class standards. Further information is available atwww.hasspetroleum.com
For further information:
OTI
Raja Kiwan
Origination manager
Hass
Issa Sheik Mohammed
Group CEO
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