Reliance buys retail petrol chain in East AfricaBS Reporter / Mumbai September 4, 2007Reliance has acquired majority stake and management control of Gulf Africa Petroleum Corporation (GAPCO), which has significant presence in East Africa in the petroleum downstream sector.An official release issued by Reliance today did not mention the size of the deal."The acquisition has been made through a wholly-owned subsidiary, Reliance Industries Middle East, Dmcc (RIME), a company registered in United Arab Emirates. 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," the release added.Reliance said the markets are easily accessible from India, and the acquisition is a strategic fit for exports. Import of petroleum products in the East African countries is expected to rise in the near future, and the countries have rapid economic growth and progressive government policies in place. Acquisition of GAPCO is also a strategic step towards achieving its global vision in the petroleum downstream sector by integrating the entire value chain of refining, shipping, trading, terminalling and marketing through retail and wholesale segments.Reliance operates the world
