TZ’s Lake Oil cleared to acquire Hashi Energy’s retail business
Tanzanian oil firm Lake Oil has been given the all clear to acquire local oil marketing firm Hashi Energy.
The deal will see the Tanzanian based firm acquire Hashi’s petrol stations.
Also Read: Drought, interest caps seen slowing economic growth in 2017
The development follows a grant given by the Competition Authority of Kenya (CAK) approving the acquisition for an undisclosed amount.
“It is notified for general information that the Competition Authority of Kenya has authorized the proposed acquisition of the retail petroleum business of Hashi Energy Limited by Lake Oil Limited,” CAK Director General Wang’ombe Kariuki said through a gazette notice.
Hashi Energy currently enjoys a 6.5 percent market share in the country with operations in Rwanda, South Sudan, DRC and Uganda.
Lake Oil, which is owned by Tanzanian billionaire Ally Edha, is using the buy to expand its operations across the region.
Other than the retail petroleum business, Hashi Energy also has interests in fuel storage, cooking gas as well as lubricants.
Hashi Energy, which was founded in 1991, engages in the importation, distribution, and marketing of petroleum products in the East and Central African region.
Last year the oil firm signed a Sh14 billion deal with Dubai based conglomerate SS Lootah to supply military personnel and non-governmental organizations in the Democratic Republic of Congo.
Hashi already has pre existing contracts with the United Nations Mission in the DRC for fuel and transport and storage.
Smaller oil marketers have been increasing their business operations across the region focusing on transportation and storage.