GP Global acquires assets of Nigeria’s Grand Petroleum
LAGOS, April 15, 2020
GP Global, a leading global energy-to-agriculture conglomerate, said it had made a strategic acquisition of the lubricants assets of Grand Petroleum, Nigeria’s leading lubricants player and part of the Nosak Group, in order to expand and strengthen its presence in Nigeria and west Africa.
The acquisition includes assets such as – lubricants brand – HiSpeed and a state-of-the-art blending plant with an annual capacity of about 50,000 metric tonnes in Lagos, which includes storage tanks with a capacity of 6,000 kilolitres.
“Nigeria is one of the core markets for our lubricants and base oil business with a significant opportunity now opening up to expand our presence in Africa. We have already built a strong lubricant market share in India and the Middle East. Through local manufacturing and a strong distribution network in Nigeria, the acquisition will position us one of the fastest-growing global lubricants and base oil businesses,” said Sudip Shyam, Global Head- Lubricants & Base Oil, GP Global.
He said that GP Global is fully committed to supporting the local economy and will focus on unlocking the true potential of the lubricants and base oil business in the continent through this strategic acquisition. It will also strengthen the base oil market of GP Global, by leveraging on the storage and ability to import premium base oils for distribution.
“This is a strategic acquisition by GP Global that will consolidate our presence in key African markets. The strong manufacturing competencies that we gain through the acquisition of a wide range of lubricants, and the advantage we gain in base oil trade will add to our market share. With this acquisition, we aim to grow our business of oil and agricultural products as well as build a strong retail network in Africa,” said Ajay Pandey, COO for Nigeria, GP Global. GP Global will lead the operations of the newly acquired business with a strong team of Nigerians, several of them already part of the existing team.
The operations of the Nigerian company are certified by the Standards Organisation of Nigeria as part of the MANCAP (Mandatory Conformity Assessment). It has built strong competencies in the manufacturing and sale of lubricant oils, toll blending, engine oils, hydraulic oils, automobile fuels and lubrication, industrial fuels and lubrication, and other specialty oils. -- Tradearabia News Service
