Nairobi, Kenya, 28 July – Kenyan company KenolKobil has set up a subsidiary in Mozambique where it plans to carry out acquisitions in order to increase its share of the oil market in Southern Africa, Kenyan newspaper Business Daily reported.
Citing a press release, the paper added that KenolKobil set up Kobil Moçambique, which would either start from scratch or make acquisitions in order to also enter the Zambian, Malawi and Zimbabwean markets.
In the statement, Patrick Kondo, the company’s mergers and acquisitions director, said that, “our entry into the Mozambican market will increase our capacity to reach interior markets of the east, central and southern regions of Africa.”
It added that with this decision, KenolKobil was present in all countries with ports on the East coast of Africa with the exception of South Africa.
An initial attempt by KenolKobil to enter the Southern Africa market failed at the beginning of this year when the Zimbabwean government blocked the Kenyan company from buying Shell and BP assets in Zimbabwe. (macauhub)