Page 10 - DMEA Week 37 2021

DMEA FUELS DMEA

Montfort acquires

assets in East Africa

AFRICA MONTFORT, an international commodities entered Mozambique.
trader, is working to establish a foothold in East According to press reports, it has arranged
Africa through the acquisition of local assets. to acquire a stake in a 58,000-cubic metre petro-
The company recently revealed that it had leum product terminal and storage depot from a
acquired Kencor Petroleum, a Nairobi-based local firm, Matola Terminal de Armazenamento
fuel marketing company, from Kenya’s Galana de Petróleos, for an undisclosed sum.
Petroleum Investment. It did not say how much The facility is located in Matola, which is
it had agreed to pay but noted that its new asset part of the port of Maputo. According to press
was involved in the import, export and local dis- reports, the deal will allow Montfort to partner
tribution of refined petroleum products. with Malaysia’s Energi Asia, which took control
In a statement, Montfort said that the deal of the Matola depot in June of this year.
with Galana would facilitate its “strategy entry” The company has not yet said exactly what
into the regional fuel market. form its co-operation with the Malaysian com-
“The acquisition of Kencor, an active par- pany will take.
ticipant in Kenyan Open Tender System (OTS) It has stated, though, that it bought its stake in
imports, is the first step to achieving Montfort’s the Matola facility with the aim of trading petro-
goal of expanding its operations into the region leum products in Mozambique and neighbour-
and neighboring countries,” it commented. ing states.
“The move is in line with Montfort’s roadmap Additionally, it has described the acquisition
and lays a strong foundation for the company’s as in line with “Montfort’s overall objective to
aspirations of acquiring and developing a portfo- expand its business in the region and support
lio of high growth potential operations in Africa.” Montfort’s aspirations to reach out to customers
Meanwhile, the commodity trader has also in South and East Africa.”™

P10 www. NEWSBASE .com Week 37 16•September•2021