United Arab Emirates-based Lukoil Company has partnered with local firm Fairdeal Energy to launch its services in Kenya.
The deal will see FairDeal Energy become the sole distributor of Lukoil products across Eastern and Central of Africa.
“This is the beginning of our entrance in Africa and Kenya serves as key entry for both our petroleum and oil products. We shall be having two service stations in Kenya namely Nairobi and Mombasa,” said Hussein Mukarram, FairDeal Energy chief executive in a statement announcing the deal.
The oil marketer is one of the third largest vertically integrated and privately-owned global energy companies and the market leading lubricants brand in Russia and Europe.
According to Lukoil Chief Executive Middle East and Africa region Victor Zhuravskiy, new technologies will drive the oil industry’s growth going forward.
- 1 Covid-19 cuts imports by 20pc as businesses grind to a halt
- 2 Israeli flight attendant says "shalom" to UAE, bye to airline
- 3 Zambia health minister denies corruption charges in court
- 4 Traders sourcing goods from UAE to get interest free loans
“As the 21st-century consumers, governments and industries move towards advanced technology to achieve increased efficiency and reduced emissions, the scope and role of oil manufacturers changes and calls for huge investments in new product developments,” he said.
“Lukoil has kept itself ahead of the curve and developed an impressive range of synthetic products. We are pleased to launch our superior trademark range of motor lubricants in this demanding and competitive market."
Lukoil manufactures more than 40 per cent of all lubricants in Russia. In 2016, the firm produced and marketed 1.2 million tonnes of lubricants.
The company sells over 700 different kinds of oils and greases for the automotive sector, heavy-duty transport, construction and mining, shipping, power generation and general engineering.
It has a footprint in 125 countries across the globe.
Fairdeal Group for its part has varied business portfolio covering different sectors of the economy.