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GP Global, an energy-to-agriculture conglomerate, has acquired Nigeria-based Grand Petroleum’s lubricants assets, to strengthen its presence in Nigeria and West Africa, for an undisclosed sum.
Grand Petroleum is a part of Nigeria’s Nosak Group, the company said in a statement.
The acquisition includes assets such as a lubricants brand (HiSpeed) and a blending plant with annual capacity of about 50,000 tonnes in Lagos, which includes storage tanks with a capacity of 6,000 kilolitres.
“Nigeria is one of the core markets for our lubricants and base oil business with a significant opportunity now opening up to expand our presence in Africa. We have already built a strong lubricant market share in India and the Middle East. Through local manufacturing and a strong distribution network in Nigeria, the acquisition will position us as one of the fastest-growing global lubricants and base oil businesses,” Sudip Shyam, Global Head-Lubricants and Base Oil at GP Global, said.
The acquisition will strengthen the base oil market of GP Global by leveraging on storage and ability to import premium base oils for distribution.
“This is a strategic acquisition by GP Global that will consolidate our presence in key African markets. The strong manufacturing competencies that we gain through the acquisition of a wide range of lubricants, and the advantage we gain in base oil trade will add to our market share. With this acquisition, we aim to grow our business of oil and agricultural products as well as build a strong retail network in Africa,” said Ajay Pandey, Chief Operating Officer for Nigeria, GP Global.
GP Global is also a lubricants player in the UAE and India, where it has high-end manufacturing units in the industrial and automotive lubricants sector. The company recently announced setting up of a new blending plant in India and aims to process 500 million litres of lubricants across India, Middle East and West Africa this year.
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