Kenyan oil marketer, Hass Petroleum Group, has sold a 40% stake of its shares to Oman Trading International (OTI) as it seeks funds to boost its capital and strengthen regional operations, The East African reported.

The agreement was signed on the 7th  of June at Hass headquarters in Nairobi. The development means Hass will invest the additional funding from the transaction to enhance its market through new distribution assets, specifically service stations across the region, All Africa informed.

According to data from the Petroleum Institute of East Africa, Hass is facing stiff competition in the Kenyan oil sector. The firm controls a paltry 1.9% market share in the fuel sales, 2.7% in liquefied petroleum gas (LPG) sector, and 0.5% t in the lubricant business.

Hass’ Petroleum Chairman, Abdinasir Ali Hassan, said.”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.”

From his side, OTI’s CEO, Talal Hamid Al-Awfi, expressed satisfaction at the conclusion of the deal, he said “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.”