Kenol acquires Rwandese oil firm

July 22, 2008
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, NAIROBI, July 22- Kenol Group, the indigenous Kenyan oil company has acquired the entire network of a Rwandan petroleum company, STIPPAG.

Through its Rwandan subsidiary Kobil Petroleum Rwanda, the Group acquired six service stations, two of which are within Kigali city, while the others are located in major commercial centres within the country.

In a statement released on Tuesday, the firm said the new development is within the Group’s strategy of consolidating its regional presence within Africa through strategic acquisitions and organic expansion.

The strategy has seen the company, which has other subsidiaries in Ethiopia, Zambia, Tanzania and Uganda develop to be among the leading players in the downstream petroleum business in Africa.

The new acquisition comes within two years of the company’s acquisition of the entire assets of Shell Rwanda in 2006, comprising of 17 service stations, and the largest fuel terminal in the country, which was followed in 2007 by the acquisition of 20 Service Stations belonging to a local company KLSS.

Kenol/Kobil has designated Rwanda as the regional platform for further expansion into the Great Lakes Region/Central Africa comprising of Democratic Republic of Congo, Burundi and Northern Tanzania.

These countries provide a large untapped market with significant growth potential.

Kobil Rwanda began its operations in Rwanda in May 2002.

The company started with one service station but has now been transformed into the largest oil company in Rwanda with a market share of over 35 percent.

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