Tanzanian billionaire oil dealer, Ally Edha Awadh, bid, through his Lake Oil Group, for the retail petroleum business in Kenya’s Hashi Energy, reported The Star News.
The Competition Authority of Kenya (CAK) has issued an official approval for Hashi Energy, which is among the largest oil firms in Kenya with interests across different segments of the industry, to sell its retail business to Lake Oil, reported Standard Digital News.
CAK’s General Director, Francis Wang’ombe, stated: “Pursuant to the provisions of section 46 (6) (a) (ii) of the Competition Act, 2010, 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.”
Under the deal, Hashi Energy will continue with the distribution of petroleum products as well as logistics, mining, and lubricants businesses.
Hashi Energy was the fifth largest oil marketer in Kenya as of 2015. Lake Group now ranks among the top-five largest distributors of petroleum products in Tanzania and exports to neighboring Zambia, Burundi, Rwanda and Democratic Republic of Congo.