Reliance Industries said on Tuesday it had bought a majority stake and management control of east African oil retailer Gulf Africa Petroleum Corp (GAPCO) for an undisclosed sum.
The company said in a statement that GAPCO was a strategic acquisition which would give it access to the rapidly growing economies of east Africa, where demand for petroleum products is rising. GAPCO owned and operateed large storage terminalling facilities and a retail distribution network in countries including Tanzania, Uganda and Kenya, Reliance said. It said GAPCO had more than 250 outlets catering to retail and industrial segments.
Reliance, India's largest private company, operates a 660,000 bpd refinery in India. Reliance Petroleum Ltd, a subsidiary in which Chevron Corp holds 5 per cent, is building a 580,000 bpd unit nearby.
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