January 25, 2011 / 9:31 AM / 8 years ago

Kenya's KenolKobil buys Ugandan firm

* Kenolkobil increases operations in Uganda

* Company eyeing more investments in Africa

NAIROBI, Jan 25 (Reuters) - Kenyan oil marketer KenolKobil (KENO.NR) has bought Phoenix Uganda Petroleum Ltd for an undisclosed amount to raise its capacity in Uganda, the company said on Tuesday.

KenolKobil which has operations in seven African countries said in a press statement the deal involved an 1,800 metric tonne fuel terminal, a three-storey office block and three services stations in Uganda’s capital Kampala, bringing its total to 66 stations.

“KenolKobil will use its new high volume depot in Jinja to provide services to other marketers in the country as well as position it for black oil storage once the anticipated Eldoret-Jinja-Kampala pipeline is developed,” it said in a statement.

Last year, it set its sights on Southern African, opening an office in Zimbabwe and registering a company in Mozambique to seek out openings in the two countries. [ID:nLDE6A90DJ]

“We have someone in those countries scouting for investment opportunities ... either a buyout or we start from scratch,” said spokesman Charles Njogu.

“We have our eyes on certain key investments across east, central and southern Africa, including Kenya.”

Shares in the company were at 9.95 shillings ($0.123) at 0857 GMT, unchanged from the previous day’s close. (Reporting by Beatrice Gachenge; Editing by Will Waterman) ($1=80.85 Kenyan Shilling)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below