The second-richest company in the world Saudi Aramco has entered the Kenyan market after purchasing Valvoline, a US motor oil and lubricants company with a presence in Kenya.
The move is anticipated to trigger an unprecedented shakeup in the Kenyan oil market sector, which is currently dominated by multinationals such as Vivo, Total Energies and Rubis.
The Competition Authority of Kenya (CAK) gave the green light to Saudi Aramco to commence activities in Kenya with the hope that it will not dominate the market.
However, the company is expected to venture into other oil market sectors, such as importation.
The Saudi Arabia-based oil giant is the largest oil company globally and accounts for more than 50% of the country’s revenues.
The company is involved in both upstream and downstream segments, with the upstream exploring oil production, condensation, and production of natural gas and natural gas liquids. The downstream focuses on the generation of petrochemicals and natural gas and oil products.
Saudi Aramco is the second richest company globally, with the first position held by Apple Inc.
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