Kenyan downstream oil company KenolKobil has bought 33 petrol stations in Uganda and Rwanda for 1.2 billion Kenyan shillings ($12.1 million).
KenolKobil agreed to buy the assets from petroleum products importation, marketing and distribution companies Delta Petroleum Uganda and Delta Petroleum Rwanda.
The purchases are expected to contribute to KenolKobil’s top and bottom lines and are consistent with the board's growth strategy through organic and inorganic retail network extension.
The deal marks KenolKobil’s return to expansion and the company intends to add an extra 75 service stations to its network over the next five years.