Reliance acquires EAfrican petroleum company

Mumbai, Sept 4: Reliance has acquired a majority stake and management control of Gulf Africa Petroleum Corporation (GAPCO), a company which has a significant presence in East Africa in the petroleum downstream sector.

The acquisition has been made through a wholly owned subsidiary, Reliance Industries Middle East, Dmcc (RIME), a company registered in United Arab Emirates, the company said here today in a statement.

GAPCO, an entity based in East and Central Africa with headquarters in Mauritius, owns and operates large storage terminalling facilities and a retail distribution network in several countries, including Tanzania, Uganda, Kenya.

It also owns and operates large storage terminals in Dar Es Salaam (Tanzania), Mombassa (Kenya), Kampala (Uganda) and has other well spread depots in East&Central Africa.

It also operates more than 250 Outlets covering retail and industrial segments. Reliance considers its acquisition of GAPCO as strategic in nature.

UNI