Maravi

Kobil acquires 10 service stations in Burundi

Kobil acquires 10 service stations in Burundi
By Chiwoyu Sinyangwe
Fri 05 Feb. 2010, 04:00 CAT

KENYAN oil marketer KenolKobil which trades in the country as Kobil Zambia has acquired 10 service stations in Burundi as part of its regional expansion programmes. Last month, KenolKobil through Kobil Zambia raised its stake in Ndola-based lubricants blending firm Lublend through acquiring the 10.5 per cent stake previously owned by Chevron.

KenolKobil public relations manager Charles Njogu said KenolKobil had acquired the service stations previously owned by Societe d'Importation et de Commercialisation de Produits Petroliers (SICOPP).

Njogu said the acquisition through a long-term lease came barely after four months after the subsidiary, Kobil Burundi, took effective control of the assets KenolKobil acquired from Oil Burundi S.A.

He explained that the newly acquired stations which were spread across the country including three major towns of Bujumbura, Gitega and Ngozi would raise Kobil Burundi service stations to 14 following earlier acquisitions of three service stations from Sonitra Limited and another from an independent player.

“KenolKobil maintains its long-term positive outlook for the Burundi economy and its political instability and further will continue to explore growth opportunities in this market and other markets in Africa,” said Njogu.

Last month, Kobil Zambia said its lubricants business in Zambia had grown by 47 per cent since 2008, fueled by increasing demand from the mining, industrial, transport and construction sectors.

Kobil Zambia's stake in Lublend had increased to 25.5 per cent from the initial 15 per cent acquired from Total Zambia in 2008.

KenolKobil stated that the increase of its shareholding in Lublend fitted in its strategy of diversifying its business in the region adding that the move would strengthen the company's market share in the robust lubricants business in the country.

Labels: BURUNDI, KOBIL ZAMBIA LTD

posted by MrK @ 3:41 PM