Oman Trading International (OTI) has acquired a 40 percent stake in Hass Petroleum Group, a leading oil marketing company with significant presence across the African markets.
In the deal, OTI will provide its supply and trading capabilities to strengthen the Hass service offering, enhance services to consumers and contribute to economic growth across the region.
In turn, Hass will enhance OTI’s market access to the African markets while Hass founder and management team will continue to operate the business and work closely with OTI to grow and maintain long-standing relationships with customers, suppliers and regulators.
The completion of the transaction remains subject to relevant regulatory authorities.
Talal bin Hamid al-Oufi, CEO of OTI, commented “We are delighted to move onto the next phase of growth for OTI, agreeing our first major investment into Africa with Hass.”