China’s largest state-owned oil and gas company, Sinopec, has officially launched in Kenya.
Sinopec is listed in Hong Kong and also trades in Shanghai and New York Stock exchange, and Kenya will be the first country in East Africa to set operations in.
In Kenya, the company is set to challenge the already existing market giants like Total, Rubis Energie (KenolKobil) and Ola (formerly Oilibya).
The Kenyan Petroleum Industry is characterized by a large number of players that import, export, distribute and transport petroleum products.
“The company has evolved for decades in enabling the evolution of its products and to lead in Asia Hence its quite an honor officially launching in Kenya through Bitutech ltd,” said Deputy General Manager of Sinopec Mr Wang Zhi Guo during the launch.
The African automotive lubricants market is seeing increasing demand as vehicle purchases across the region continues to increase. Though the African market only makes up six percent of the global market, it is forecast to grow rapidly over the forecast period to 2029. Economic growth and industrial growth of the automotive sector in African countries is fueling the demand for automotive lubricants in Africa.
Sinopec has previously partnered with German luxury automaker Mercedes-Benz as its global lubricant supplier with its lubricants, which hold technology certifications from more than 90 percent international major automakers.
Sinopec is listed in Hong Kong and also trades in Shanghai and New York and is the world’s third-largest chemical producer
China Petroleum & Chemical Corp. Sinopec engages in the exploration, production, and transportation of petroleum products. It operates through the following business segments: Exploration and Production, Refining, Marketing and Distribution, Chemicals, and Corporate and Others. The Exploration and Production segment explores and develops oil fields and produces crude oil and natural gas. The
Refining segment processes and purifies crude oil, and manufactures and sells petroleum products. The Marketing and Distribution segment owns and operates oil depots and service stations, and distributes refined products at wholesale or retail.